Wednesday, April 7, 2010

Looking for financing for your renewable energy project?

CIBC is the first large Canadian bank to form an investment team focused solely on green energy and clean technology markets - a move that is likely to be followed by its rivals in Canada.

Industry followers note that CIBC's plan to aggressively pursue the market – including everything from solar and wind projects to water technologies to biochemical production – could strengthen the Canadian renewable energy and clean technology sector.

Assuming the rest of the big banks in Canada follow suit, they would be aligned with their American and European counterparts which already have such teams in place. Even though Canadian banks are late to the game, there are still incredible opportunities - Bloomberg New Energy Finance estimates that global expenditure on renewable energy projects alone will reach $150 billion (USD) in 2020, up from $90 billion USD in 2009. By 2030, the market could reach $200 billion USD.

Progressive provincial policies in Canada, including Ontario's Green Energy Act and FIT, B.C.'s carbon tax and Saskatchewan's forthcoming Climate Change Act, are creating a long pipeline of bankable renewable energy projects in Canada that will need billions of dollars in financing.

CIBC's move is timely and will likely be received well by the markets - the TSX announced recently that it will create a new clean technology index.


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