This program is designed specifically for businesses like yours that are involved in renewable energy and electrical grid modernization projects. By participating, you can access up to $25 million in funding for the construction phase of your project. This financial support can significantly reduce your upfront costs and accelerate your project's timeline.

What You Get:

• Substantial funding for large-scale renewable energy projects
• Support for grid modernization initiatives
• Economic and social benefits, including job creation and increased equity, diversity, and inclusion in the energy sector

Why Apply:

• Reduce greenhouse gas emissions and contribute to a cleaner environment
• Enhance your business's capacity to supply reliable, renewable energy
• Access to government-backed financing, which can be more favorable than private loans

Qualifying for this program is straightforward if your project uses market-ready technologies and includes workplace equity, diversity, and inclusion components. Approval can help you achieve your business goals while contributing to Canada's low-carbon future.

Type of Financing:

• Repayable Contribution

Repayment Terms:

• Up to $25 million available for eligible projects
• Covers up to 10%, 30%, and 50% of project costs for renewable energy, emerging technology, and grid modernization streams, respectively

Eligible Expenses:

• Expenses incurred within 365 days before loan approval date

Use of Funds:

• Allocation of funds:
  • Up to $500,000 for equipment, leasehold improvements, intangible assets, and working capital
  • Up to $150,000 specifically for intangible assets and working capital

Repayment Options:

• Floating rate with principal plus interest payments
• Floating rate with blended payments (principal and interest combined)
• Fixed rate with principal plus interest payments
• Fixed rate with blended payments

Amortization Period:

• Up to 15 years to pay off the loan

Fees:

• Document preparation fee of $175
• Application fee of $100
• No renewal fee for standalone loans
• One-time Federal Government registration fee of 2% of the loan amount
• 1.25% Administration Fee included in the interest rate

This program offers your business a repayable contribution of up to $25 million. You can use this money for projects involving renewable energy, emerging technology, or grid modernization. The program covers up to 10%, 30%, or 50% of the project costs depending on the type of project.

Benefits for your business include:

• Significant financial support: Up to $25 million can be used to fund large-scale projects.
• Flexible usage: The money can be used for renewable energy projects, emerging technologies, or modernizing the electrical grid.
• Support for innovation: Helps you adopt market-ready technologies and promotes workplace equity, diversity, and inclusion.

This funding aims to reduce greenhouse gas emissions, increase system reliability, and create sustainable jobs. It also encourages Indigenous ownership and benefits from renewable energy projects.

The program's goal is to help you make a positive impact on the environment while boosting your business's growth and sustainability.

1. Gather Necessary Documentation: Prepare the following documents to support your application:

• Business plan
• Financial statements (last 2 years)
• Project proposal detailing the renewable energy or grid modernization project
• Proof of business registration
• Equity, diversity, and inclusion (EDI) plan or public EDI commitment
• Any relevant permits or licenses

2. Review Applicant Guides: Familiarize yourself with the Generation and Storage Applicant Guide or the Grid Modernization Applicant Guide, depending on your project type. These guides provide detailed information on eligibility, required documentation, and application procedures.

3. Develop a Project Proposal: Outline your project, including objectives, expected outcomes, and how it aligns with the program’s goals. Ensure your proposal includes:

• Project scope and timeline
• Budget and funding requirements
• Expected environmental and social benefits
• Technical specifications and market-ready technologies to be used

4. Complete the Application Form: Fill out the application form provided on the program’s website. Ensure all sections are completed accurately and thoroughly.

5. Submit the Application: Submit your completed application form and all supporting documents through the designated submission portal or email address provided in the Applicant Guide.

6. Await Review and Feedback: After submission, your application will be reviewed by the program administrators. Be prepared to provide additional information or clarification if requested.

7. Finalize Agreement: If your application is approved, you will receive a contribution agreement outlining the terms and conditions of the funding. Review and sign the agreement to proceed with the project.

8. Implement the Project: Once the agreement is finalized, begin the implementation of your project according to the approved proposal and timeline. Ensure compliance with all program requirements and reporting obligations.

9. Report Progress: Regularly report on project progress, financial expenditures, and outcomes as specified in the contribution agreement. This may include interim and final reports.

10. Complete and Close Out: Upon project completion, submit a final report detailing the project’s achievements, impacts, and any lessons learned. Ensure all financial documentation is in order for the final audit and close-out process.