Financing Renewable Energy: Accelerating Ontario’s Green Energy Industry
This white paper examines Ontario’s green energy industry under the Ontario Green Energy and Green Economy Act (GEA), the state of financing renewable energy assets in Ontario and European practices in renewable energy financing.
According to the Ontario Power Authority (OPA), an estimated 25% of Ontario’s electricity is generated from renewable energy sources. While this is commendable, hydroelectric power accounts for the vast majority of the province’s renewable energy production. Solar and wind-based energies make up only a small fraction of our overall energy supply. With the recent passage of new renewable energy laws, the OPA projects that 4,200 MW in wind and 1,760 MW in solar and biomass generating capacity will come online by 2014.