.jpg)
1 hour ago
1
Article content
(Bloomberg) — British startup Awendio Solaris is drafting plans to invest as much as C$1 billion ($725 million) into a solar technologies factory in Canada, though it still needs to secure power supply and financing.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The company wants to build a manufacturing facility and a research and development center on an industrial site in the Montreal region. The operation would manufacture solar cells and assemble solar panels for North American utilities, delivering up to 2,500 megawatts of annual production capacity in its first phase, according to the firm’s website.
Article content
Article content
Article content
“It’s massive,” Awendio Chief Executive Officer Marc Deschamps said in an interview. “It is the equivalent of 20 Maersk containers full of panels, flat-pack panels, coming out every day.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
There’s one major advantage to locating in Quebec, according to Deschamps. The province has cheap, clean power because of its vast network of hydroelectric dams. Awendio’s first phase would require about 32 megawatts of electricity from Hydro-Quebec, he said — the rest of the factory’s needs would be filled with solar power.
Article content
But the state-owned Quebec utility has been under pressure lately on its supply outlook, partly because of contracts it negotiated years ago to sell power to the US. Proposals for new industrial projects are now under more scrutiny.
Article content
A spokesperson for Quebec’s economy minister said the provincial government is “currently analyzing the file with great interest.”
Article content
Deschamps said that Awendio’s management, two US family offices and Canadian First Nations groups are financially backing the project for now, and that National Bank of Canada is putting together a consortium of funds to support it. Awendio is also seeking financial aid from governments.
Article content
There are constructive conversations occurring with officials in the federal government, according to a person familiar with the matter, speaking on condition of anonymity because the discussions are still private.
Article content
Awendio has partnered with engineering firms RCT Solutions GmbH and AtkinsRealis Group Inc. to build the project, according to the company’s website.
Article content
—With assistance from Mark Chediak.
Article content
English (US)