Cleantech Equity Fund


The 2016 Ontario Budget identified $55 million to develop new approaches to making equity investments by the Government of Ontario (the "Province") in clean technologies ("cleantech") firms. The 2016 Ontario Fall Economic Statement reaffirmed this commitment, indicating the intention of the Province to take steps to promote the establishment of one or more cleantech equity funds through which the Province's budget commitment can be invested. The Ontario Capital Growth Corporation (OCGC) will implement this on behalf of the Province by establishing one or more limited partnerships ("LPs") in which OCGC will participate as a limited partner on the same terms as the other limited partners.

With a prospective anchor commitment of up to $55 million, OCGC is issuing a call for expressions of interest ("EOI") from qualified managers ("Interested Managers") for the formation and management of this Cleantech Equity Fund (the "Fund") that will focus on providing venture capital to high potential, innovative Ontario-based cleantech businesses. It is anticipated that OCGC's prospective anchor investment in the Fund will leverage a minimum of one and one-half times (1.5x) its weight in additional capital commitments from other investors.

Note that while it is the current intent of OCGC to make an anchor commitment of $55 million to a single Fund, OCGC reserves the right (to be exercised in its sole and absolute discretion) to allocate its commitment and to work with two or more Interested Managers, to establish two or more Funds.

For the purpose of this request for Expressions of Interest ("EOI Request"), the term "cleantech" is defined broadly to encompass products and services that limit the negative impacts of economic activity on the environment, while improving operational efficiency. Sub sectors where cleantech products and services are prominent include: energy generation, energy storage, energy infrastructure, production and inputs, transportation, emissions and recycling, water and wastewater, and agri-technology.

Establishing the Fund is part of two policy directions of the Province: (i) the Business Growth Initiative and, (ii) the Climate Change Action Plan.

Additional information on the Business Growth Initiative is available at:

Additional information on the Climate Change Action Plan is available at:

Invitation to Participate

Fund managers interested in participating in the selection process are required to respond to this request by providing the information as set out in the Request for Expressions of Interest available for download in the link below. The EOI Request package contains additional information on the selection process as well as outlines the mandatory requirements and content expectations to be considered for this opportunity.

Request for Expressions of Interest (PDF)

Timelines & Instructions

(Updated January 31, 2017)

February 13, 2017
Deadline for questions & requests for clarifications
February 21, 2017
Final issuance of any addendums, answers or clarification and modification of timelines
March 13, 2017
Deadline for submission of EOIs

All enquiries related to this EOI Request are to be directed in writing or e-mail to:

Jeffrey Elliott
Stikeman Elliott LLP
5300 Commerce Court West,
199 Bay Street,
Toronto, ON, Canada M5L 1B9

Requests for Clarification, Questions and Answers

(Updated February 21, 2017)

Any clarifications requested and any answers to submitted questions can be found here.

OCGC reserves the right at any time to:

  • Request written clarification or the submission of additional or supplementary written information in respect of an Interested Manager's EOI;
  • Meet with any or all Interested Managers related to the EOI Request or EOIs;
  • Verify any information set out in an EOI with a third party;
  • Check references in addition to those proposed by an Interested Manager;
  • Cancel, amend or re-issue the EOI Request; or
  • Reject any or all EOIs.