Antoine Epstein

We have completed the privatization of Innergex and are announcing the mobilization of a syndicate of Québec and international investors—including Investissement Québec, Desjardins Gestion internationale d’actifs, Fondaction, and 14 Swiss institutional investors —who share our vision. “Innergex is a Canadian renewable energy leader and plays a key role in the energy transition. To shift into a higher gear, the company needed shareholders aligned with its long-term potential, protected from stock market cycles. That’s why we brought together a syndicate of Québec and international investors who share this vision,” said Emmanuel Jaclot, our Executive Vice-President and Head of Infrastructure. “This privatization immediately provides Innergex with increased financial agility to accelerate the development of large-scale projects. It is a reflection of Innergex’s potential and Québec’s leadership in the energy transition.”     Learn more: https://lnkd.in/ekBBWGYR

230

1 Comment

Today, we announced the closing of a bespoke credit facility for Deep Sky Alpha with Montreal-based Finalta Capital, Canada’s largest private lender specializing in the financing of refundable tax credits. This deal demonstrates that carbon removal projects are bankable. “This landmark deal sends a clear signal: carbon removal is no longer a moonshot in Canada, it’s a bankable industry,” said Alex Petre, Deep Sky CEO. “By pioneering innovative debt financing, we’re unlocking the capital needed to scale carbon removal and cement Canada’s leadership in the global climate economy.” Read more: https://lnkd.in/en4EPMmb

102

3 Comments

Today, Minister Joly announced new measures to strengthen Canada’s strategic industries impacted by tariffs, including: • the new Strategic Response Fund to help firms adapt, diversify and grow • a new Buy Canadian policy to support domestic suppliers • expanded financing and liquidity relief for SMEs and large firms • an expanded Regional Tariff Response Initiative to help businesses innovate and reach new markets These measures will protect jobs, open new opportunities and build a stronger, more resilient Canadian economy. Learn more: https://lnkd.in/gxyq79fF

122

6 Comments

Le rapport Broadcom 2025 confirme la tendance, que nous avons identifiée à l'EBG, d'une sortie du Cloud public au profit d'un mix Open Source + On Premise + quelques Machines virtuelles en complément. Ce sera un des grands sujets du Digital Benchmark. "the report highlights growing trends in workload repatriation, security concerns, and the rise of private cloud as a cornerstone for IT modernization. With a focus on balancing performance, control, and cost efficiency".

329

114 Comments

My latest Financial Post article discusses the deceptive trick that is the separation of the Canadian federal budget into an “operating budget” and “capital budget” and the definition of capital for purposes of this trick as released by The Department of Finance last week: ”Why is the new approach a trick or a sleight of hand? It’s a blatant attempt to baffle those with low financial literacy to transfer certain expenditures from the overall budget to a capital budget and crow that you are “investing.” To reduce the impacts of the overall deficit — which some are predicting will be upwards of $100 billion, an unbelievably high number that threatens our country’s future prosperity — he’s trying to focus us on the reduced “operational budget.” There are two keys to this trick. The first is to define what “capital” is and to do so in a very broad fashion in order to easily justify the transfer of an expenditure to the capital budget. The second, like good magicians, is to do so with confidence by pretending to be the smartest person in the room. A classic definition of capital assets is property of a lasting nature that is acquired for use in the production of income or for investment, rather than for sale in the ordinary course of business. But for government, this is modified by section 3150.05 of the Public Sector Accounting Standard (PSAB) — the authoritative source of accounting standards used by governments in Canada — which defines tangible capital assets (there are limited circumstances where governments are able to recognize intangible assets as well) as non-financial assets having physical substance that: - Are held for use in the production or supply of goods and services, rental to others, administrative purposes or the development, construction, maintenance or repair of other tangible capital assets; - Have useful lives extending beyond one fiscal year; - Are to be used on a continuing basis; - Are not for sale in the ordinary course of operations. Now, compare those classic and formal definitions with the new definition of capital for budgeting purposes as follows: “capital investment is defined broadly as any government expense or tax expenditure that contributes to public or private sector capital formation, held directly on the government’s balance sheet or on that of a private sector entity, Indigenous community or another level of government. Within this broad definition, the intent is to focus on capital investments that meet the following criteria: - Conditionality… - Clear linkage… First, I challenge any reader — financially literate or not — to make sense of the above. It is truly magical and extremely broad…The Parliamentary Budget Officer also agrees that it is overly broad. To include “tax expenditures” in this definition of capital is laughable and misleading… There’s nothing modern about deception; only the costumes change.” https://lnkd.in/gusrxv56

145

19 Comments