November 4, 2022 – Toronto, ON – The Government of Canada has released its Fall Economic Statement and has introduced a refundable tax credit equal to 30% of the capital cost of investments in clean energy technologies, including small hydro, run-of-river, and pumped storage. The Ontario Waterpower Association (OWA) welcomes this initiative and is encouraged by the government’s commitment to consult on additional technologies such as large-scale hydroelectric power. The OWA has identified more than 5,000 MW of untapped potential in Ontario.
“We are pleased with this initiative,” said Paul Norris, President of the Ontario Waterpower Association. “This announcement, coupled with the commitments from the provincial government, will help to encourage new investment in the sector and will ensure waterpower’s contribution to the country’s clean energy future.”
Recently, the Ontario government announced the development and implementation of a program to re-contract existing waterpower facilities to encourage new investment and expansion in these perpetual assets.
There are 224 waterpower facilities across Ontario. According to a recent analysis, conducted by the OWA, with improved long-term investment confidence, the industry could be expected to invest more than $2.5 Billion in existing Ontario waterpower assets over the next five (5) years, supporting almost five thousand jobs annually.
The Ontario Waterpower Association represents the common and collective interests of the waterpower industry.
For further information, please contact:
Ontario Waterpower Association