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Thomas J. Timmins Chairman, Renewable Energy Practice Gowling Lafleur Henderson LLP

Renewable Energy Investment Opportunities in Canada. Greater Toronto Marketing Alliance and Confindustria. Thomas J. Timmins Chairman, Renewable Energy Practice Gowling Lafleur Henderson LLP. About Gowlings.

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Thomas J. Timmins Chairman, Renewable Energy Practice Gowling Lafleur Henderson LLP

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  1. Renewable Energy Investment Opportunities in Canada Greater Toronto Marketing Alliance and Confindustria Thomas J. Timmins Chairman, Renewable Energy Practice Gowling Lafleur Henderson LLP

  2. About Gowlings • Offices in all major business centres across Canada – Toronto, Hamilton, Waterloo Region, Ottawa, Montréal, Calgary and Vancouver • International offices in Beijing, London and Moscow • Seamless 24 hour service around the world • Gowlings’ Renewables Group: active on every continent and in every Canadian jurisdiction 2

  3. Canada

  4. Canada’s Generation Mix Data : Canadian Electricity Association Total Utility Generation: 594,900,000 (MWh) 4

  5. Our North-South Oriented Grid Source: Natural Resources Canada, 2009 5

  6. The Constitution Act, 1867 Federal state with: One federal government Ten provincial governments Three territories Thousands of municipalities Who governs electricity in Canada? 6

  7. Canada Renewables Summary SOLAR • PV market grew 5.5 times per year for the period between 2006 to 2012 • Ontario currently has over 30 solar module and inverter manufacturers present in the province • Canadian Solar PV market is expected to grow from less than 500 MW per year between 2011 and 2015 to up to: • 1,000 MW per year from 2016 to 2020 • 1,500 MW per year from 2021 to 2025 7

  8. Canada Renewables Summary cont. WIND • 6,578 MW of installed capacity -9th largest • 2012 saw 936 MW of new capacity ($3.0 Billion) • Expect to see $28 billion invested by 2014 • Sample provincial targets: • Ontario: 4,600 MW by 2020 • Quebec: 4,000 MW by 2016 • Manitoba: 1,000 MW by 2016 • B.C.: 784 MW by 2014 8

  9. Canadian Financial Markets • Faired well during global recession • Surpluses of 1.7% of GDP / 2007 • Deficits of 5.2% of GDP / 2009 • Federal rating: AAA/Aaa • Ontario: AA-/Aa2 • Infrastructure deficit • Vast territories – historic trends • Pension funds of US$806 billion (62.9% of GDP) • Demographic trends – move toward fixed income • Infrastructure investment abroad 9

  10. Key Programs in Canada Ontario’s FIT • Contract price • 11.5 ¢/kWh –Wind • 10.4-19.5 ¢/kWh –Biogas • 34.7-54.9 ¢/kWh–Solar PV • Community/Aboriginal Price Adders • Length of contract: 20-50 years • Consumer Price Index (CPI) • Domestic Content – Reduced • On shore wind 20% minimum • Solar PV 19-28% minimum • Security Deposits: • $10/KW Application • $20/KW Contract Offer • $10/KW NTP • OPA offtaker (AA-/AA1) 10

  11. Ontario Feed-in Tariff (FIT) Projects • Ontario’s Feed-in Tariff (FIT) program • 2,500 FIT and 11,000 microFIT contracts • 10,000 MW of contracted projects to be built 11

  12. Progetti di esempio Ontario Wolfe Island Wind Farm Città di Tecumseh su tetto FIT Progetto solare • 86 Siemens 2.3 MW Turbines • 398,013 MWh all'anno • 2.212 pannelli sul tetto di arena comunale • 500 kW DC • 590 MWh all'anno AC 12

  13. Ontario Feed-in Tariff (FIT) Summary Town of Tecumseh On-roof FIT solar Project • $3.2 million project • 2,212 panels on 40,000 sq. ft roof of municipal arena • 500 kW DC Rated • 590 MWh per year AC Output • Financed by Issuing “Green Shares” 13

  14. Ontario Feed-in Tariff (FIT) Summary M’Chigeeng First Nation MERE Wind Project • 4MW community-owned project • Two 2MW Enercon turbines • Can generate up $300,000 net per year for first 14 years • $1.6 million/year after loans repaid 14

  15. Ontario Feed-in Tariff (FIT) Summary Longhurst Solar Project • Solar Rooftop Project • Project Size: 90 kW • Family owned and managed • Located on farm 15

  16. Key Programs Across Canada cont. Saskatchewan – RFPs – 175 MW in process B.C. – new call expected 2013 Alberta – no target, competitive market Quebec – 800 MW of wind energy -regulation published August, 2013 16

  17. Ontario Clean Technology Alliance • Durham Region, Halton Region, Department of Foreign Affairs, Ontario Ministry of Economic Development, Trade and Employment, Ministry of Research and Innovation • Feed-in Tariff Program • SDTC SD Tech Fund — $590 million fund for late-stage clean technology solutions • SDTC NextGen Biofuels Fund — $500 million to support establishment of first-of-kind commercial scale facilities • Ontario Innovation Demonstration Fund — up to $4 million to help commercialize innovative technologies • Ontario Power Authority Conservation Fund — up to $500,000 per project for pre-commercial technologies 17

  18. Thomas J. TimminsChairman, Renewable EnergyTel: (416) 369-6689thomas.timmins@gowlings.com

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