On July 10, 2024, Canada Growth Fund Inc. (CGF), a public investment vehicle dedicated to accelerating the energy transition, announced a strategic partnership with Strathcona Resources Ltd. to develop carbon capture and sequestration (CCS) infrastructure at Strathcona’s steam-assisted gravity drainage (SAGD) oil sands facilities in Saskatchewan and Alberta.
The collaboration, valued at up to $2 billion, represents a significant step towards Canada’s commitment to achieving net-zero emissions by 2050. The project is designed to substantially reduce greenhouse gas emissions by deploying innovative CCS technology across multiple facilities.
As part of the first phase, Stikeman Elliott LLP advised Canada Growth Fund in the negotiation of the framework agreement, project finance documentation, and tax structuring aspects related to the development.
Sproule International Limited also acted as an advisor to Canada Growth Fund Inc. Blake, Cassels & Graydon LLP served as legal counsel to Strathcona Resources Ltd.