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Canada Growth Fund Announces Strategic Investment In Entropy Inc. and Carbon Credit Offtake Commitment

Canada Growth Fund Announces Strategic Investment In Entropy Inc. and Carbon Credit Offtake Commitment

加拿大增長基金宣佈對Entropy Inc.進行戰略投資和碳信用承購承諾
布魯克菲爾德資產管理 ·  2023/12/21 13:00

BROOKFIELD, NEWS, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) and Canada Growth Fund Inc. ("CGF") and Advantage Energy Ltd. (TSX: AAV) ("Advantage") today announce that CGF has entered into a strategic investment agreement with Entropy Inc. ("Entropy" or the "Company"), a Calgary-based developer of technologically-advanced carbon capture and sequestration ("CCS") projects with the potential to significantly reduce emissions in Canada and worldwide.

布魯克菲爾德,新聞,2023年12月21日(GLOBE NEWSWIRE)——布魯克菲爾德資產管理有限公司(紐約證券交易所代碼:BAM,多倫多證券交易所代碼:BAM)、加拿大增長基金公司(“CGF”)和Advantage Energy Ltd.(多倫多證券交易所股票代碼:AAV)(“Advantage”)今天宣佈,CGF已與Entropy Inc.(“Entropy” 或 “公司”)簽訂戰略投資協議),一家總部位於卡爾加里的技術先進的碳捕集和封存(“CCS”)項目的開發商,該項目有可能顯著減少加拿大和全球的排放。

CGF has agreed to a $200 million investment in Entropy coupled with a fixed-price carbon credit purchase agreement ("Carbon Credit Offtake Commitment" or "CCO") of up to one million tonnes per annum ("tpa"). This strategic growth partnership represents an important new investment in Canadian carbon markets. The features of the CCO—notably its large scale and its long-term fixed-price—represent a global first in compliance markets. This financeable structure helps to de-risk and accelerate private CCS investment by establishing carbon price certainty for Canadian projects.

CGF已同意向Entropy投資2億美元,並簽訂每年不超過一百萬噸(“tpa”)的固定價格碳信用購買協議(“碳信用承購承諾” 或 “CCO”)。這種戰略增長夥伴關係是對加拿大碳市場的一項重要的新投資。CCO的特點,尤其是其大規模和長期固定價格,是合規市場的全球首創。這種可融資的結構通過爲加拿大項目建立碳價格的確定性,有助於降低風險並加速私人碳捕獲和封存投資。

"With its abundance of natural resources, access to high-quality geological storage, and sophisticated engineering know-how, Canada is the best place in the world to build a CCS industry," said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. ("CGF Investment Management"). "The CGF Investment Management team is pleased to deliver this inaugural transaction in Alberta's carbon market, and we look forward to putting additional capital to work across Canada in the months ahead."

加拿大增長基金投資管理公司(“CGF Investment Management”)總裁兼首席執行官Patrick Charbonneau表示:“加拿大擁有豐富的自然資源、高質量的地質儲量和先進的工程知識,是世界上建立碳捕集和封存行業的最佳地點。”“CGF投資管理團隊很高興在艾伯塔省的碳市場上實現這筆首筆交易,我們期待在未來幾個月內在加拿大各地投入更多資金。”

One pillar of CGF's mandate is to invest in projects and technologies, including CCS, that hold significant potential to reduce emissions across the Canadian economy. A second pillar is to scale promising Canadian clean technology champions that can help create value for Canadians.

CGF的任務之一是投資項目和技術,包括CCS,這些項目和技術具有減少加拿大經濟排放的巨大潛力。第二個支柱是擴大有前途的加拿大清潔技術冠軍的規模,這可以幫助加拿大人創造價值。

"I am very proud of the investment, technical, and execution expertise that the Canada Growth Fund Investment Management team is bringing to the CGF mandate," said Deborah K. Orida, President and CEO of Public Sector Pension Investment Board ("PSP Investments"). "CGF is able to deliver complex transactions such as this thanks to PSP Investments' rigorous and established processes and arm's length governance model."

公共部門養老金投資委員會(“PSP Investments”)總裁兼首席執行官黛博拉·奧裏達說:“我爲加拿大增長基金投資管理團隊爲CGF任務帶來的投資、技術和執行專業知識感到非常自豪。”“得益於PSP Investments嚴格而成熟的流程和獨立的治理模式,CGF能夠交付諸如此類的複雜交易。”

Entropy aligns well with both aspects of CGF's mandate: it is a Canadian-based CCS company with an innovative technology solution and a skilled team of Canadian experts focused on expanding the use of CCS technology in Canada and globally. Entropy's modular CCS technology is relevant across Canada's hard-to-abate industries, which represent an important challenge and opportunity for Canada to tackle as it works towards its emissions objectives.

熵與CGF的兩個方面都非常吻合:它是一家總部位於加拿大的CCS公司,擁有創新的技術解決方案和一支由加拿大專家組成的熟練團隊,專注於在加拿大和全球範圍內擴大CCS技術的使用。Entropy的模塊化碳捕集和封存技術與加拿大難以減排的行業息息相關,這是加拿大在努力實現其排放目標時需要應對的重要挑戰和機遇。

"Entropy is excited to partner with CGF in re-establishing Canada as a world-leading CCS market," said Mike Belenkie, President and CEO of Entropy. "By creating a large-scale CCO to guarantee long-term carbon pricing and adding $200 million to our existing Brookfield funding for third-party projects, Entropy has a clear path to accelerating growth and reducing emissions, right here at home. While we will remain a global CCS developer, we believe our projects are likely to advance much more quickly in Canada than any other country in the world."

Entropy總裁兼首席執行官Mike Belenkie表示:“Entropy很高興能與CGF合作,將加拿大重新確立爲世界領先的碳捕集和封存市場。“通過設立大規模的CCO來保證長期碳定價,並在布魯克菲爾德現有的第三方項目資金基礎上增加2億美元,Entropy在國內爲加速增長和減少排放開闢了明確的道路。儘管我們將繼續成爲全球CCS開發商,但我們相信我們的項目在加拿大的進展速度可能比世界上任何其他國家都快得多。”

In March 2022, Entropy announced a strategic $300 million investment agreement with Brookfield, via the Brookfield Global Transition Fund, to scale up the deployment of Entropy's CCS technology globally. Today's announcement builds on this strong foundation and provides greater revenue certainty to accelerate Entropy's major investments in Canada.

2022年3月,Entropy宣佈通過布魯克菲爾德全球過渡基金與布魯克菲爾德達成一項3億美元的戰略投資協議,以擴大Entropy的CCS技術在全球的部署。今天的公告建立在這一堅實的基礎上,爲加速Entropy在加拿大的重大投資提供了更大的收入確定性。

"Carbon capture and sequestration is a vital technology for reducing emissions in carbon intensive sectors" said Jehangir Vevaina, Managing Partner and Chief Investment Officer for Renewable Power & Transition at Brookfield. "Our investment agreement with Entropy was designed to accelerate the deployment of this important technology in Canada and worldwide. We welcome the additional capital and revenue certainty that the Canada Growth Fund is providing to enable Entropy's success."

布魯克菲爾德管理合夥人兼可再生能源與轉型首席投資官Jehangir Vevaina表示:“碳捕集和封存是減少碳密集型行業排放的重要技術。”“我們與Entropy的投資協議旨在加快這項重要技術在加拿大和全球的部署。我們歡迎加拿大增長基金爲Entropy的成功提供額外的資本和收入確定性。”

Transaction Highlights

交易亮點

Definitive agreements between Entropy and CGF to accelerate the decarbonization of hard-to-abate industries in Canada;

Entropy與CGF之間達成的最終協議,以加速加拿大難以減排的行業的脫碳進程;

CGF to invest $200 million in Entropy for the development of Canadian CCS projects and for corporate purposes which, once fully drawn, could result in CGF owning approximately 20% of Entropy;

CGF將向Entropy投資2億美元,用於開發加拿大CCS項目和用於公司用途,一旦全額提取,CGF可能擁有大約20%的Entropy股份;

Brookfield will continue to invest the balance of its existing $300 million hybrid security into the business, by which point it would be the largest shareholder and control Entropy;

布魯克菲爾德將繼續將其現有的3億美元混合證券的餘額投資於該業務,屆時它將成爲最大的股東並控制Entropy;

CGF to provide the first ever large-scale, long-term, fixed-price CCO in a compliance carbon market, committing to purchase up to one million tpa of carbon credits for 15 years;

CGF將在合規碳市場上提供首個大規模、長期、固定價格的CCO,承諾在15年內購買高達100萬噸/年的碳信用額度;

The initial allocation of CCO commitment will allow Entropy to proceed with its Glacier Phase 2 project, targeting the sale of up to 185,000 tpa of Alberta TIER carbon credits at an initial price of $86.50 per tonne for a term of 15 years;

CCO承諾的初始分配將使Entropy能夠繼續其Glacier二期項目,目標是以每噸86.50美元的初始價格出售高達18.5萬噸的艾伯塔省TIER碳信用額度,期限爲15年;

The balance of the remaining CCO will be available for Entropy to underwrite additional third-party projects on similar terms in Canada;

剩餘的CCO餘額將可供Entropy按類似條件在加拿大承保其他第三方項目;

Post-investment, Entropy will have approximately $460 million of capital available which, together with investment tax credits, carbon capture incentives and project financing, establishes a path to execute over $1 billion of CCS projects and abate more than 1 million metric tonnes per annum ("MMTPA") of emissions, with a focus on the Canadian market.

投資後,Entropy將擁有約4.6億美元的可用資本,加上投資稅收抵免、碳捕集激勵措施和項目融資,爲執行超過10億美元的CCS項目和每年減少超過100萬公噸(“MMTPA”)的排放量鋪平了道路,重點是加拿大市場。

Deal Structure Overview

交易結構概述

CGF's investment in Entropy is via a hybrid security similar to the prior investment from Brookfield (please see Entropy news release dated March 28, 2022), though at a valuation that reflects the numerous advancements of the business in the last two years. The flexible structure ensures access to capital for Entropy and retains flexible liquidity options for all major investors including Brookfield, CGF and Advantage (the Company's controlling shareholder). Funding draws from Brookfield and CGF for Canadian projects and corporate purposes will proceed in tandem.

CGF對Entropy的投資是通過混合證券進行的,類似於布魯克菲爾德之前的投資(請參閱2022年3月28日Entropy新聞稿),但其估值反映了該業務在過去兩年中取得的諸多進展。靈活的結構確保了Entropy獲得資本的機會,併爲包括Brookfield、CGF和Advantage(公司的控股股東)在內的所有主要投資者保留了靈活的流動性選擇。布魯克菲爾德和CGF將同時爲加拿大項目和企業目的籌集資金。

Coupled with the CGF investment, Entropy and CGF have entered into a CCO agreement whereby CGF has committed to purchase up to 9 million tonnes (up to 600,000 tpa over a 15-year term) of TIER or equivalent carbon credits from Entropy projects. The initial project to benefit from the CCO is intended to be Advantage Glacier Phase 2, drawing up to 185,000 tpa at an initial price of $86.50 per tonne, for a total of approximately 2.8 million tonnes over the 15-year term. With this CCO agreement in place, CGF has absorbed the carbon pricing risk for the project. Entropy is therefore pleased to announce provisional final investment decision of Glacier Phase 2.

加上CGF的投資,Entropy和CGF簽訂了CCO協議,根據該協議,CGF承諾從Entropy項目購買高達900萬噸(在15年內每年最多60萬噸)的TIER或等效碳信用額度。受益於CCO的初始項目計劃爲Advantage Glacier第二階段,年產量高達18.5萬噸,初始價格爲每噸86.50美元,在15年內總產量約爲280萬噸。有了這份CCO協議,CGF已經承擔了該項目的碳定價風險。因此,Entropy很高興地宣佈Glacier第二階段的臨時最終投資決定。

Beyond Glacier Phase 2, CGF and Entropy intend to enter into separate CCO agreements for other Canadian projects, on terms that are expected to provide similar investment returns. Upon successful deployment of the initial 600,000 tpa of CCO, CGF may make available a further 400,000 tpa of CCOs for additional Entropy Canadian CCS projects.

除Glacier第二階段外,CGF和Entropy打算就其他加拿大項目單獨簽訂CCO協議,其條款預計將提供相似的投資回報。在成功部署了最初的60萬噸CCO之後,CGF可能會爲其他Entropy Canadian CCS項目再提供40萬噸的CCOs。

CGF will nominate one member to the Entropy Board of Directors and is pleased to participate in the growth and evolution of this Canadian clean technology leader. Advantage and Brookfield will retain their existing Entropy board representation.

CGF將提名一名成員加入Entropy董事會,並很高興參與這位加拿大清潔技術領導者的成長和發展。Advantage和Brookfield將保留其現有的Entropy董事會代表權。

About Entropy Inc
Entropy was founded by Advantage and Allardyce Bower Consulting Inc. in 2020 with the goal of developing world-leading technology for post-combustion carbon capture. After partnering with University of Regina to acquire breakthrough technology and developing further advancements, Entropy designed and constructed the world's first commercial natural-gas-fired CCS project (Glacier Phase 1), which began capturing and storing carbon about 18 months ago. Entropy's team has industry-leading capabilities in all aspects of the CCS chain, including capture, compression, transportation, subsurface storage, carbon finance, regulatory, carbon markets and commercial structuring. This full-cycle approach allows Entropy to help third parties that would otherwise not have the capacity to take on these complex emissions-reduction investments. For further information, please visit www.entropyinc.com.

關於 Entropy Inc
Entropy由Advantage和Allardyce Bower Consulting Inc.於2020年創立,目標是開發世界領先的燃燒後碳捕集技術。在與里賈納大學合作獲得突破性技術並取得進一步進展之後,Entropy設計並建造了世界上第一個商業天然氣燃燒碳捕集和封存項目(Glacier Phase 1),該項目大約在18個月前開始捕獲和儲存碳。Entropy的團隊在CCS鏈的各個方面都擁有行業領先的能力,包括捕獲、壓縮、運輸、地下儲存、碳融資、監管、碳市場和商業結構。這種全週期方法使Entropy能夠幫助原本沒有能力承擔這些複雜的減排投資的第三方。欲了解更多信息,請訪問 www.entropyinc.com

About Canada Growth Fund
CGF is a $15 billion arm's length public investment vehicle that will help attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

關於加拿大增長基金
CGF是一個150億美元的正常公共投資工具,它將使用吸收某些風險的投資工具來鼓勵私人投資低碳項目、技術、企業和供應鏈,從而幫助吸引私人資本建設加拿大的清潔經濟。

CGF will make strategic investments to help Canada to meet the following national economic and climate policy goals:

CGF將進行戰略投資,幫助加拿大實現以下國家經濟和氣候政策目標:

a) reduce emissions and achieve Canada's climate targets;

a) 減少排放,實現加拿大的氣候目標;

b) accelerate the deployment of key technologies, such as low-carbon hydrogen and carbon capture, utilization, and storage (CCUS);

b) 加快關鍵技術的部署,例如低碳氫和碳捕獲、利用和儲存(CCUS);

c) scale-up companies that will create jobs, drive productivity and clean growth across new and traditional sectors of Canada's industrial base;

c) 擴大公司規模,在加拿大工業基礎的新興和傳統領域創造就業機會、提高生產率和清潔增長;

d) encourage the retention of intellectual property in Canada; and

d) 鼓勵在加拿大保留知識產權;以及

e) capitalize on Canada's abundance of natural resources and strengthen critical supply chains to secure Canada's future economic and environmental well-being.

e) 利用加拿大豐富的自然資源,加強關鍵供應鏈,以確保加拿大未來的經濟和環境福祉。

Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found in the technical backgrounder published by Finance Canada. You may also visit www.cgf-fcc.ca.

有關CGF的任務、戰略目標、投資選擇標準、投資活動範圍和投資工具範圍的更多信息,可在加拿大金融部發布的技術背景資料中找到。你也可以訪問 www.cgf-fcc.ca

About CGF Investment Management
In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. CGF Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.
Note: PSP Investments has a passive limited partner interest in the Brookfield Global Transition Fund I, and ownership of Advantage's publicly traded common stock through index replication and externally managed funds. The foregoing is being disclosed in accordance with PSP Investments' Conflicts of Interest Policy. For more information, see the disclosure made under PSP Investments' Conflict of Interest Policy below.

關於 CGF 投資管理
在2023年預算中,加拿大政府宣佈,PSP Investments將通過全資子公司擔任CGF的投資經理。CGF投資管理公司已成立,擔任CGF的獨立和獨家投資經理。
注意:PSP Investments持有布魯克菲爾德全球過渡基金I的被動有限合夥人權益,並通過指數複製和外部管理基金擁有Advantage公開交易的普通股的所有權。上述內容是根據PSP Investments的利益衝突政策披露的。欲了解更多信息,請參閱下文根據PSP Investments的利益衝突政策所做的披露。

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $850 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

關於布魯克菲爾德資產管理公司
布魯克菲爾德資產管理有限公司(紐約證券交易所代碼:BAM,多倫多證券交易所股票代碼:BAM)是全球領先的另類資產管理公司,管理的資產超過8500億美元,涵蓋可再生能源和轉型、基礎設施、私募股權、房地產和信貸。我們長期投資客戶資本,重點關注構成全球經濟支柱的實物資產和基本服務業務。我們爲世界各地的投資者提供一系列另類投資產品——包括公共和私人養老金計劃、捐贈基金和基金會、主權財富基金、金融機構、保險公司和私人財富投資者。我們利用布魯克菲爾德作爲所有者和運營商的傳統,在各個經濟週期中進行價值投資,爲我們的客戶創造豐厚的回報。

About Brookfield Renewable
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), one of the world's largest publicly traded, pure-play renewable power platforms, with approximately 31,800 megawatts of installed renewable energy capacity and a development pipeline of approximately 143,400 megawatts of renewable power assets, 14 MMTPA of carbon capture and storage, 2 million tons of recycled material and 4 million metric million British thermal units of renewable natural gas production annually.

關於布魯克菲爾德可再生能源
布魯克菲爾德運營布魯克菲爾德可再生能源合作伙伴(紐約證券交易所:BEP、BEPC;多倫多證券交易所:BEP.UN、BEPC),這是世界上最大的上市純淨可再生能源平台之一,裝機容量約爲31,800兆瓦的可再生能源資產,1400萬噸碳捕集和儲存,200萬噸回收材料和400萬公噸英國熱能每年可再生天然氣產量單位。

For more information, please visit our website at https://bam.brookfield.com or contact:

欲了解更多信息,請訪問我們的網站 https://bam.brookfield.com 或者聯繫:

Communications & Media:
Kerrie McHugh Hayes
Tel: (212) 618-3469
Email: kerrie.mchugh@brookfield.com
Investor Relations:
Jason Fooks
Tel: (212) 417-2442
Email: jason.fooks@brookfield.com
通信與媒體:
Kerrie McHugh Hayes
電話:(212) 618-3469
電子郵件: kerrie.mchugh@brookfield.com
投資者關係:
傑森·福克斯
電話:(212) 417-2442
電子郵件: jason.fooks@brookfield.com

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Source: Brookfield Asset Management Ltd

來源:布魯克菲爾德資產管理有限公司

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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