Tidal energy undertaking in Canada secures help of Japanese corporations

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Two Japanese companies have entered into a joint development agreement with Ireland-based DP Energy to work on the initial stages of a tidal energy project in Canada.

In statements released earlier this week Chubu Electric Power and Kawasaki Kisen Kaisha, or “K” Line, said the agreement was related to the Uisce Tapa Tidal Energy project. The development is located at the Fundy Ocean Research Center for Energy in the Bay of Fundy, a bay between the Canadian provinces of New Brunswick and Nova Scotia.

Both Chubu Electric Power and “K” Line called it “the first tidal power project that a Japanese company will participate in overseas”.

According to DP Energy, the first phase of Uisce Tapa – Irish for “fast water” – revolves around three 1.5 megawatt turbines. The second aims to increase the capacity of the project to 9 MW.

Uisce Tapa is backed by a 15-year power purchase agreement with Nova Scotia Power Incorporated, which amounts to Canadian dollars 530 (approximately $ 422) per megawatt hour. It also benefits from a grant of approximately $ 30 million Canadian dollars from Natural Resources Canada.

In its announcement on Wednesday, DP Energy described the Bay of Fundy as “home to some of the highest tides in the world”. At the highest surface speed, the tidal currents are “capable of exceeding 10 knots” or 5 meters per second, he added.

Fisheries and Oceans Canada said the project is being considered for approval by Chubu Electric Power and “K” Line. If everything goes according to plan, the first turbine would go into operation in 2023, followed by two more in 2026.

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The news comes the same week that tidal energy company Nova Innovation said it was able to move forward with a project focuses on expanding the production of tidal turbines after receiving funding from the Scottish Government.

The £ 2 million ($ 2.77 million) funding increase announced on Thursday will be used to support the Volume Manufacturing and Logistics for Tidal Energy project, also known as VOLT.

According to Nova, VOLT will “develop the first European assembly line for the mass production of tidal turbines” and also “test innovative techniques and tools to ship, deploy and monitor turbines around the world”.

Last week, another company, Orbital Marine Power, said its O2 turbine had started with grid-connected electricity generation at the European Marine Energy Center in Orkney, an archipelago north of mainland Scotland.

The 2 megawatt O2 is known as the “strongest tidal turbine in the world”, weighs 680 tons and is 74 meters long.

Canada M&A units file for quarter on cross-border offers, simple cash

By Maiya Keidan

TORONTO, April 7 (Reuters). Canadian M&A activity in the first three months of the year catapulted to all-time highs as dealmaking recovered from the effects of the coronavirus and bankers point to a healthy pipeline of transactions based on easy funding terms.

The novel coronavirus drove mergers and acquisitions (M&A) to a nine-year low in 2020 when companies switched to cash-on-hold. However, the introduction of vaccines and an expected economic recovery are boosting business confidence to close deals, particularly in the US.

“These are definitely the busiest times I’ve seen in my 25-year career,” said Grant McGlaughlin, partner at Fasken law firm. “I don’t think you can hold out at this pace all year, but hopefully Q2 and Q3.”

The quarterly M&A balance sheet hit an all-time high of $ 114.91 billion in the first quarter of 2021, according to Refinitiv. Companies raised $ 19 billion ($ 15.2 billion) through stock sales in the first three months of the year, the highest since the fourth quarter of 2010.

Mike Boyd, managing director and head of global mergers and acquisitions at CIBC, said he doesn’t think he has ever seen capital markets as conducive to mergers and acquisitions as it is now.

“If you look at the debt markets in particular, you have a record low in interest rates and we also have … strength in market capacity” to absorb the size of the deal, he said.

Boyd expects M&A activity to remain high thanks to low interest rates and a strong economic recovery that will continue for at least the next few quarters.

OUTBOUND RUSH

Bank of America Corp.’s BofA Securities Inc, Bank of Montreal’s BMO Capital Markets, and Toronto Dominion Bank’s TD Securities Inc formed the top three banks for mergers and acquisitions.

Canadian Pacific Railway Ltd’s $ 25 billion offer for Kansas City Southern and Rogers Communications Inc’s C 20 billion deal for Shaw Communications Inc topped the list of deals.

The story goes on

Bill Quinn, head of M&A at Toronto Dominion, said while Canadian investors looking outside Canada had declined over the past year due to the pandemic, we are now seeing a “return to normal”.

Outbound deals worth nearly $ 50 billion were made in the first quarter of 2021. This was the second largest quarter on record, with about half coming from the CP transaction.

“In terms of Canadian M&A, we are seeing stronger growth in our market compared to the US,” said Sarfraz Visram, Head of M&A at BMO Capital Markets.

U.S. M&A activity increased 12.2% to $ 869.35 billion in the first quarter of 2021 compared to the fourth quarter of 2020, while Canadian M&A activity grew sequentially at 44.4 during the same period % recorded as refinitive data showed.

“We have now clearly gone around the corner,” said Emmanuel Pressman, partner at the law firm Osler. “It’s partly a renewal of confidence in cross-border M&A flows, both inbound and outbound.”

($ 1 = 1.2536 Canadian dollars) (Reporting by Maiya Keidan Editing by Denny Thomas and Lisa Shumaker)

Canada Weighs Buybacks of AR-15 Fashion Rifles Utilized in U.S. Shootings

Canada is introducing new guns laws that would allow individual cities to ban handguns locally, and says it will create a military-style semi-automatic gun buyback program that does have been banned from use by the country’s liberal government last year.

The proposed legislation will also create new offenses for changing a magazine to allow more shots to be fired without reloading, and developing a system that will allow affected friends or family members to go to court and have their firearms removed immediately, temporarily to apply to a person.

The proposed measures come almost a year after Canada banned the use of more than 1,500 models of military-style semi-automatic weapons, including the AR-15. AR-15 style rifles have been used in some of the deadliest mass shootings in the United States, including attacks on a concert in Las Vegas in 2017 and a college in Parkland, Florida in 2018.

The Canadian government said it plans to launch a buyback program for the banned firearms in the coming months and will make it illegal to transfer, sell, or inherit the weapons outside of that program.

The government said their buyback program is voluntary. This means that anyone who chooses not to surrender a banned military-style semi-automatic weapon can continue to keep it as a collector’s item, but must follow the rules of safekeeping and never transfer or legally use the weapon.