Canada Growth Fund announces commitment to Calgary-based Longbow Capital's Energy Transition Fund II

CALGARY, AB, Feb. 6, 2025 /CNW/ - Canada Growth Fund Inc. ("CGF") is pleased to announce its commitment to Longbow Capital Inc. ("Longbow"), a Calgary-based private equity investment manager with a successful track record investing in energy, power, infrastructure, and technology. As part of this transaction, CGF will commit up to $50 million to Longbow Energy Transition Fund II LP. CGF's investment joins existing commitments from other LPs including BDC Capital and TD Bank Group.

Longbow Energy Transition Fund II invests in businesses that are expected to benefit from the momentum behind the energy transition, with a focus on technologies and services that help lower carbon emissions through efficient and cost-effective solutions.

"With its tenth investment since launch in June 2023, CGF is pleased to deliver continued progress against its mandate and to provide additional investable capital to support the growth of promising Canadian cleantech companies and managers," said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management Inc. "With their expertise in the energy sector and pipeline of investment opportunities, we look forward to an ongoing partnership with the investment team at Longbow."

Through its cleantech funds strategy, CGF seeks to leverage the expertise and provide further investable capital to Canadian managers to speed up the growth of targeted companies. CGF will also encourage managers and portfolio companies to adopt best-in-class sustainability practices. CGF believes that supporting select managers should, over time, lead to a higher volume of quality opportunities across the Canadian market and attract more sophisticated investors to Canadian cleantech companies.

"The shift in how energy is produced, consumed, and financed is transformative, and it presents a significant long-term investment opportunity," said Tyson Birchall, Managing Director at Longbow. "We continue to see compelling opportunities to invest in businesses that are developing innovative approaches to the decarbonization of our energy system and look forward to working with CGF and partners to accelerate our impact."

ABOUT CGF
CGF is a $15 billion arm's length public investment vehicle that helps attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains. Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

ABOUT CANADA GROWTH FUND INVESTMENT MANAGEMENT
In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. Canada Growth Fund Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

ABOUT LONGBOW
Longbow is a Calgary based private equity investment manager that was founded in 1997 and has been a leading investor in the Canadian energy transition sector. Longbow currently has approximately $1.5 billion of assets under administration spanning many aspects of the energy and power sector including low carbon energy solutions, energy and power production, infrastructure, services and technology.

SOURCE Canada Growth Fund Inc.