We have great news from Canada!
Our renewable energy journey in Canada began in Q4 of 2021 and we are excited to share that we have progressed on two projects in the country.
Both Oyen and Bull Pound, located in eastern Alberta, are now secured. The projects together have a total DC capacity of 38.8 MW. Among the two, Oyen (19.4 MW) is at a very advanced stage, and we hope to begin construction in late 2022 to early 2023. Bull Pound (also 19.4 MW) is fully secured, as is interconnection for the site. The remaining permits and studies for the Bull Pound site are scheduled to be completed in Q1 2023.
As well as these two sites, our Canadian Country Manager is now working on another massive 600 MW project proposal. We have already completed some preliminary, and critical, environmental studies and land use assessments for this project, as well as having partially secured the land and full interconnection. Once underway, this will be one of a kind and amongst Canada’s largest solar developments. We hope to have further updates on this development this summer when we will be able to announce the location of the project and open options for investment.
Canada & Renewable Energy
Canada is a great location for us to explore renewable energy development. The country is committed to their transition to a low-emission economy and its goal is to reach a colossal 90% zero-emitting power sources within the next decade, and net zero by 2050.
The country is currently world-leading in their green energy positioning. At present, Canada is functioning with around 60% of its energy generated from hydropower, with further energy generation coming from natural gas. This offers a fantastic opportunity for Hive to help fulfil the zero-emissions initiatives in the country with solar and green hydrogen production, supporting the transition from natGas to renewable energy.
On top of the three progressing projects mentioned, there is another 100 MW PV project in our Canadian pipeline. We will have further updates on this project later in the year too.
As well as the solar projects in our Canadian pipeline, we are also working on green hydrogen opportunities across the country. With the current utilisation of hydropower and reliance on running water, we hope to integrate H2 production into Canada’s energy production process.
If you’re interested in learning more about our work in Canada, or investing in upcoming projects, please contact Country Manager, Pratik Ghoshal using the button below.