Canada Growth Fund (CGF)

• The applicant must be a Canadian company or project with activities carried out in Canada and with broadly shared economic benefits in Canada.
• The proposed initiative must align with the Canada Growth Fund mandate and strategic objectives, including supporting emissions reductions while promoting economic growth and competitiveness.
• The opportunity must fall within one of CGF’s investment focus areas: Projects, Clean Technology, or Low-Carbon Supply Chains (including critical minerals).
• The opportunity should demonstrate additionality by helping unlock private sector investment that would likely not be secured without CGF participation.
• The opportunity must be financially sound, with a reasonable expectation of return of capital and fit within a portfolio targeting capital preservation.

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).

• 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.