Canada Growth Fund (CGF)

Who is eligible?

• Canadian clean technology companies (including small and medium enterprises) scaling proven technologies at the demonstration or commercialization stage
• Canadian projects deploying emissions-reduction technologies and processes proven in pilots but not yet widely adopted (e.g., carbon capture and sequestration, electrification, low-carbon electricity, hydrogen, biofuels)
• Canadian projects, companies, and technologies across low-carbon supply chains (including critical minerals and other low-carbon natural resource development)

Who is not eligible

• Organizations seeking research & development (R&D), demonstration, or pilot-stage project funding.
• Early-stage start-ups looking for venture capital–style investments.
• Mature companies or projects using mature technologies that can typically attract sufficient private sector investment on market terms.
• Government-owned projects.
• Applicants expecting a grant or contribution program (CGF is an investment fund using instruments such as equity, debt, hybrids, and contracts).

Eligible expenses

• Capital expenditures (CAPEX) required for the construction or expansion of a project or facility (financed through equity, debt or hybrid instruments).
• Working capital required during the start-up (ramp-up) period of a project.
• Transaction costs and third-party advisory fees related to the structuring and execution of an investment.
• External management fees related to commitments in funds managed by external managers.

Eligible geographic areas

• Canada (projects and businesses in Canada).

• Consistency with goals: the investment will advance the CGF Mandate and Strategic Objectives.
• Long-term benefits for Canada (e.g., Canadian presence, development/utilization/commercialization of Canadian intellectual property, and/or value chain creation).
• Additionality: the investment may attract private sector investment that would likely not have been secured without CGF’s participation.
• Financial soundness: the investment fits within a portfolio that targets preservation of capital / a return of capital.
• Consistency with public disclosure sustainability-related principles / ESG principles (fit within a portfolio aligned with internationally recognized sustainability-related measurement, disclosure, and performance standards).

• Step 1: Identify an investment opportunity (fit with CGF focus areas)
  • Define the investment opportunity you want CGF to consider.
  • Confirm it aligns with one of CGF’s three key areas: Projects, Clean Technology, or Low-Carbon Supply Chains.
• Step 2: Choose a submission channel (email or online form)
  • Decide whether to submit via CGFIM’s public inbox or via the Contact page’s “Submit an Investment Opportunity” inquiry option.
• Step 3: Submit the investment opportunity (send to CGFIM)
  • Send your investment opportunity to infoCGF@cgf-fcc.ca, or submit it through the Contact page by selecting “Submit an Investment Opportunity”: https://www.cgf-fcc.ca/en/contact/.
• Step 4: Screening (initial pre-clearance)
  • CGFIM conducts screening through a pre-clearance memo to assess alignment with the CGF Mandate using its investment criteria.
• Step 5: Initial recommendation (preliminary assessment)
  • CGFIM drafts an initial investment recommendation outlining key merits and risks.
• Step 6: Due diligence (full assessment)
  • CGFIM obtains internal approvals and conducts full due diligence in line with best practices.
• Step 7: Final recommendation and approval (IRIC decision)
  • CGFIM finalizes the investment structure and prepares a full investment recommendation.
  • CGFIM seeks approval from the Impact, Risk & Investment Committee (IRIC).
• Step 8: Closing and asset monitoring (post-approval follow-up)
  • After final approval, the transaction is funded and closed.
  • CGFIM monitors the asset post-close according to its monitoring framework.

• CGFIM reviews inbound proposals submitted via its public inbox as part of its public sourcing process.
• CGFIM conducts an initial screening (“pre-clearance”) to confirm alignment with the CGF mandate and investment criteria.
• If the opportunity proceeds, CGFIM prepares an initial investment recommendation outlining key merits and risks.
• CGFIM performs full due diligence and completes a formal assessment before finalizing the proposed investment structure.
• CGFIM submits the final recommendation for approval to its Impact, Risk & Investment Committee (IRIC); after approval, the transaction is funded/closed and monitored.

• Canada Growth Fund (CGF) is an independent, arm’s length impact investment fund operating at arm’s length from the Government of Canada and managed by Canada Growth Fund Investment Management (CGFIM), a subsidiary of PSP Investments.
• CGF is designed to attract private capital and typically seeks to invest alongside private sector investors, although other private investors may not always participate at the same time as CGF.
• CGF uses multiple investment instruments (including equity, debt, hybrid instruments, and contracts such as offtakes and contracts for difference) to help mitigate demand, market price, and policy risk and improve project viability.
• CGF notes it aims to review inbound opportunities in a timely manner, but it cannot guarantee that all proposals will receive a response.