DOUG FORD NUKES ONTARIO

Ontario’s Nuclear Supply Chain Secures Agreement for a Major Investment

Provincial leadership on nuclear energy creating jobs and helping reduce global emissions

December 15, 2021

Energy

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Table of Contents

1. Content
2. Quick Facts
3. Quotes
4. Additional Resources
5. Related Topics

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CAMBRIDGE – The Ontario government is building Ontario by attracting jobs and investment, including in our world-class nuclear supply chain. Today, GE Hitachi Nuclear Energy (GEH), BWXT Canada Ltd. (BWXT Canada) and Synthos Green Energy (SGE) announced their intention for BWXT Canada to build key components, here in Ontario, for small modular reactors (SMRs) for use in Poland. This agreement represents approximately $1 billion in contracts for BWXT Canada and marks the first major export opportunity of this Made-in-Ontario technology.

"With the recent announcement of Canada's first grid-scale SMR at the Darlington site Ontario is leading the way in new nuclear technologies that represent tremendous economic and environmental opportunities for our province and all of Canada," said Todd Smith, Minister of Energy. "The agreement between GEH, BWXT Canada and SGE is proof that the world is watching Ontario when it comes to SMRs. Our strong nuclear supply chain and talented workforce are already paying dividends and cementing our reputation as a global hub for SMR expertise."

Under the agreement, BWXT could manufacture a wide range of products including reactor pressure vessels, reactor internals, fuel handling systems and other key components. This would support hundreds of jobs at BWXT's Ontario facilities for a period of ten years while providing Poland with a cutting-edge source of reliable and emission-free technology.

"Ontario's innovation ecosystem and strong talent pool make our province ripe for developing the energy and cleantech solutions of the future," said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. "We congratulate GEH, BWXT Canada and SGE on this exciting new partnership which would lead to the creation of good, local jobs for Ontario workers and the families that rely on them."

This builds on recent developments in Ontario, which is a first-mover on SMR technology. GEH was recently named Ontario Power Generation's technology development partner to deploy a BWRX-300 SMR at their Darlington new nuclear site, which is expected to be completed as early as 2028. In November 2021, GEH and BWXT Canada announced their agreement to cooperate on engineering and manufacturing for BWRX-300 equipment and components.

Ontario's leadership in SMRs builds on the legacy of Canadian-designed CANDU reactors which have helped countries around the world, including Argentina, South Korea, India and Romania, decrease their emissions. With renewed interest globally in nuclear technology as countries look for ways to decarbonize their electricity grids, Ontario's nuclear supply chain is prepared to supply the world and export Ontario's nuclear expertise.

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Quick Facts

• Ontario’s electricity supply was 94 per cent emissions-free in 2020. Nuclear energy serves as the backbone of Ontario’s electricity system providing approximately 60% of the electricity the province uses every year. The province’s clean electricity grid also relies on hydroelectric, other renewable electricity sources (wind and solar) and natural gas.
• A typical SMR can generate between 2 and 300 megawatts of electricity, which could provide power for a village or small city.
• SMRs have the potential to drive job creation, economic growth and export opportunities and would allow Ontario to leverage its highly-skilled nuclear industry and work force to be a potential supplier of products, services and expertise in the global SMR market.

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Quotes

"Waterloo Region is known for its world-class technology sector, so I applaud BWXT for working with their partners to bring jobs and investment to our local community. I'm thrilled that our Made-In-Ontario SMR technology, which is an energy game-changer, is being exported globally."

- Mike Harris
MPP for Kitchener-Conestoga

"OPG's decision to build a grid-scale SMR is extremely important not only for Canada and for us as Synthos Green Energy, but for the whole planet as it makes it possible to implement similar projects in Poland and around the world. As Poland decommissions coal-fired sources, SMRs can play an essential role in deep decarbonization and in meeting the energy needs of a growing economy. I look forward to Poland having a special position on the global map of SMR technology development."

- Michał Sołowow
Owner of the Synthos Group

"This agreement represents a tremendous opportunity for BWXT Canada and the Ontario nuclear supply chain to secure a leading role in the global deployment of SMRs. We thank GEH for their recognition of the unique skills and capabilities available in the Ontario nuclear supply chain and OPG and SGE for their leadership in potential deployment of this advanced, reliable and carbon-free power generation technology in Canada and Poland. We also thank the Ontario government for their continued support of the Ontario nuclear supply chain."

- John MacQuarrie
President of BWXT Nuclear Power Group

"OPG is leading the way in development and deployment of the next generation of clean nuclear power in Canada with help from Ontario’s robust nuclear supply chain, including at BWXT. As we advance this project, we are pleased to work with other jurisdictions also working to battle climate change using the affordable, zero-emissions power supplied by small modular reactors."

- Ken Hartwick
President and CEO of Ontario Power Generation

"Canada is ready to lead the world in the deployment of small modular reactors and BWXT Canada is strongly positioned to support the deployment of our SMR technology in Canada and around the world. With rapidly growing global interest in the BWRX-300, GEH is poised to bring significant value to Canada through partners like SGE, benefitting Canada with high paying jobs for decades to come."

- Jay Wileman
President and CEO of GE Hitachi Nuclear Energy

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Additional Resources

Learn more about small modular reactors

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Related Topics

Business and Economy

Information about Ontario’s economy and how to do business here. Includes economic development opportunities, research funding, tax credits for business and the Ontario Budget. Learn more

Environment and Energy

Learn more about how Ontario protects and restores wildlife and the environment. Includes information on conservation and the electricity system. Learn more

Jobs and Employment

We’ve got the resource and supports to help connect job seekers with employers. Learn more

Doug Ford's government has lost more than a dozen court cases. Here's a list

WHY APPOINTED JUDGES ARE BETTER THAN ELECTED ONES

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Judges have repeatedly ruled against the province in challenges to its legislation

Mike Crawley · CBC News · Posted: Sep 11, 2021 

Ontario Premier Doug Ford's government has lost a string of court challenges against its legislation. (Nathan Denette/Canadian Press)

Premier Doug Ford's government lost yet another court case this week. It has become a bit of a trend. 

Since taking office in 2018, Ontario's Progressive Conservative government has fought and failed in a succession of high-profile lawsuits. Most of the cases have involved legal challenges against new policies or legislation. 

The most recent courtroom loss: an Ontario Divisional Court ruling that the government violated the province's Environmental Bill of Rights with a piece of COVID-19 recovery legislation.

Why is the government losing court cases with such frequency?  

One theory comes from Michael Bryant, executive director of the Canadian Civil Liberties Association, a former attorney general of Ontario in Dalton McGuinty's Liberal government.

Michael Bryant, executive director and general counsel for the Canadian Civil Liberties Association, served as attorney general of Ontario under the Liberal government of Dalton McGuinty. (Jacqueline Hansen/CBC)

Bryant says public interest groups nationwide are showing a greater willingness to defy Canada's tendency to not be litigious.

"It's a legitimate means to access our constitution, to go to the courts, and we're doing it more than ever," Bryant said in an interview.

He also believes the Ford government is giving groups in Ontario plenty of ammunition for court battles by bringing forward "a lot of unconstitutional legislation, and I don't mean that flippantly." 

• Supreme Court rules Ottawa's carbon tax is constitutional

Bryant says aligning legislation with the Charter of Rights and Freedoms "is less important to this government." 

Ford's Attorney General Doug Downey declined a CBC News request for an interview to respond to the claims, but in a statement his press secretary said the Ontario government is involved in thousands of lawsuits each year.

"Cherry picking 14 cases out of these many thousands may seem convenient for opposition members, but it shows how little they understand about the actual business of governing on behalf of Ontarians," said Natasha Krstajic in the statement.

Doug Downey is Ontario's Attorney General. (Tijana Martin/The Canadian Press)

CBC News has compiled the following list of cases the Ford government has lost in court (along with one major case the government has won, currently under appeal at the Supreme Court of Canada). 

1. Carbon pricing 

Arguably the highest profile loss for the Ford government was a case launched by the government itself: Ontario's Charter challenge of the federal Liberals' carbon pricing program. Ford campaigned on a promise to fight what he called the carbon tax, and budgeted $30 million in taxpayer funds for the court battle.

Ontario lost at every judicial level. In March, the Supreme Court brought an end to the legal challenges by ruling 6-3 that the Trudeau government's carbon pricing regime is constitutional.  

The Supreme Court of Canada ruled the federal government can impose nationwide carbon pricing standards, ending Ontario Premier Doug Ford's legal battle against what he called the carbon tax. (John Rieti/CBC)

2. Election finance rules  

In June, an Ontario Superior Court judge struck down new restrictions on election campaign spending by what the province calls "third parties" (interest groups that are not political parties, such as unions or corporate-funded lobbies). Within days of the ruling, Ford recalled the Legislature for an emergency sitting to push through a bill overriding the court's decision through the use of the Charter's notwithstanding clause. 

3. Ministerial Zoning Orders

In a decision released on Sept. 8, a three-judge panel of Ontario's Superior Court found the government acted "unreasonably and unlawfully" by failing to consult the public in advance of enacting Bill 197, the COVID-19 Economic Recovery Act.

• Ford government broke environmental law on public consultations, court rules

The legislation changes the rules for Ministerial Zoning Orders, which are used to fast-track land development projects. The judges said the minister of municipal affairs was bound by the Environmental Bill of Rights to consult Ontarians before making the changes. 

Gurratan Singh, the New Democrat MPP for Brampton East, is the party's attorney general critic. (Elections Ontario)

"There's a theme here, clearly," said Gurratan Singh, the NDP attorney general critic, in an interview this week. "Doug Ford will do whatever it takes to keep his big developer friends or big business friends happy, despite the cost it is to the public or despite how legal it is."

4. Cap and trade

In a similar finding in October 2019, an Ontario Divisional Court panel found the Ford government broke the law when it scrapped the previous Liberal government's cap-and-trade system without first conducting public consultation. The decision was effectively moot because the ruling did not force the province to reinstate the program, which used financial incentives to force companies to reduce carbon emissions. The case was brought by the environmental group Greenpeace. 

5. Gas pump stickers

The Ontario Superior Court struck down the Ford government's policy that forced gas stations to post stickers vilifying the federal Liberal government's carbon tax. 

• Ontario court strikes down Doug Ford's mandatory anti-carbon tax gas pump stickers

In a September 2020 ruling, Justice Edward M. Morgan said the government cannot legislate a requirement that private retailers post material designed to campaign against a political party or another level of government.

The Ford government made it mandatory for service stations to place anti-carbon tax stickers like this on their gas pumps, and threatened them with fines for non-compliance. However in September 2020, an Ontario court struck down the law as unconstitutional. (Kate Bueckert/CBC)

6. Cabinet mandate letters 

The Ford government is pursuing a three-year legal battle to keep secret the premier's mandate letters to his cabinet ministers. The letters lay out a checklist of expectations for each of minister, and the government first refused in August 2018 to release them in response to a request by CBC News. 

• CBC INVESTIGATES
  Ford government loses appeal to keep mandate letters secret but takes 2-year fight to higher court

In an adjudication decision in 2019, Ontario's Information and Privacy Commissioner ordered the government to release the documents. The government then asked Ontario's Divisional Court to overturn the decision, but lost that case too in 2020, and was ordered to pay the CBC $17,000 in legal costs.

The government then took the matter to the Ontario Court of Appeal. The case was heard in August and it's not yet known when the judges will render their decision.  

7. Student fees opt-out

The government's Student Choice Initiative, announced in January 2019, would have allowed post-secondary students to opt out of paying fees for services deemed "non-essential," such as funding for student unions and campus newspapers. 

• Ontario appeal court dismisses Ford government's appeal over controversial Student Choice Initiative

Successive court rulings went against the government, most recently in August by the province's top court. The measure targeting fees for student associations was "a profound interference in university autonomy," said the decision by a three-judge panel of the Ontario Court of Appeal. 

The court also ordered the government to pay $20,000 in legal costs to the Canadian Federation of Students. 

Student federations won a court challenge against the Ford government's move to make most post-secondary student activity fees optional. The groups argued it unfairly targeted student unions and constituted a politically-motivated attack that threatened the autonomy of universities. (John Last/CBC)

 

8. Failing to consult with First Nation

In a ruling released Sept. 1, an Ontario Superior Court judge found that the province failed in its constitutional duty to consult with the Ginoogaming First Nation before issuing a mineral exploration permit in its traditional territory.  

• First Nation in northwestern Ontario granted temporary injunction to prevent mineral exploration

The judge granted an injunction against mining activities in Wiisinin Zaahgi'igan, an area considered sacred by the people of Ginoogaming, located about 300 kilometres northeast of Thunder Bay. The injunction is temporary, with the judge ordering the First Nation and the province to conduct meaningful consultation and report back in January 2022. 

9. Shielding government from negligence suits

The government lost its appeal of a $30-million class action award related to Ontario jails' use of administrative segregation, a form of solitary confinement. The Ford government fought the case in part by invoking new legislation it had introduced in 2019 that aimed to give the province broader immunity from negligence lawsuits. However, in its March 2021 decision, the Ontario Court of Appeal ruled that the operations of government cannot be shielded from liability claims. 

10. Heritage building demolition

In January 2021, a community group won a court injunction that stopped the provincial government from demolishing a group of heritage buildings at the former Dominion Foundry complex in Toronto's West Donlands to clear the way for a new housing development. In August, the city of Toronto reached a deal with the province to preserve two of the buildings considered to have the greatest heritage value.

A Toronto community group won a court injunction in January 2021 to stop the provincial government from demolishing a group of heritage buildings at the former Dominion Foundry complex to clear the way for a new housing development (Submitted by Evan Madill)

 

11. OHIP coverage for snowbirds

The Superior Court of Justice ordered the government in September 2020 to reinstate the Out of Country Travellers' Program, which provided partial coverage for medical expenses incurred outside Canada, through the Ontario Health Insurance Plan (OHIP). The Ford government cancelled the program in early 2020, but the court ruled the move violates the Canada Health Act.

12. Wind farm cancellation 

In May 2020, an Ontario Superior Court panel of judges overturned the Ford government's cancellation of the Nation Rise wind energy project near Cornwall. The judges said the move by then-minister of the environment Jeff Yurek to revoke approvals for the project was "unreasonable" and "procedurally unfair."

13. Tesla electric vehicle rebates

In July 2018, just days after taking office, the Ford government scrapped an incentive program offering rebates of up to $14,000 for purchases of electric cars. There was a two-month grace period for those who had ordered cars from dealers but the incentive ended immediately for anyone who ordered their vehicle directly from the manufacturer. That specifically hit Tesla buyers.      

An Ontario Superior Court judge ruled that the government's action was arbitrary and had singled out Tesla for harm.

In July 2018, the Ford government scrapped Ontario's incentive program offering rebates of up to $14,000 for purchases of electric cars. (Ben Margot/The Associated Press)

14. Pay equity for midwives

Ontario's midwives had waged a long-running legal battle over pay equity. The Human Rights Tribunal of Ontario ordered the province in early 2020 to provide midwives a back-pay increase of 20 per cent for the years 2011 to 2015. The Ford government took the case to a higher court to try to get the order overturned. In a June 2020 ruling, the Ontario Divisional Court upheld the pay equity award. 

Ford's biggest court victory

The Ontario Court of Appeal ruled in September 2019 that Ford's government had the "legitimate authority" to cut the size of Toronto city council a few months before the 2018 municipal election.

The City of Toronto took the case to the Supreme Court of Canada. During the hearing in March, lawyers for the city argued that the Ford government "trampled" on democracy with the move, while lawyers for the province argued the ensuing election was free and fair. The court has yet to indicate when it will render its judgment.    

WORKERS CAPITAL
Ontario Teachers’ to invest approximately US$805 million in part to support NextEra Energy Partners’ acquisition of approximately two-gigawatt renewable energy portfolio – Ontario Teachers’ Pension Plan


November 18, 2022
By Megan Johnson

Transaction marks second investment with NextEra Energy and NextEra Energy Partners and adds to Ontario Teachers’ growing portfolio of green assets


TORONTO, ONTARIO (November 18, 2022) – Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced that it has signed an agreement to invest approximately US$805 million in a convertible equity portfolio financing with NextEra Energy Partners, LP (NYSE: NEP). Ontario Teachers’ committed to the investment as part of the sale of renewable energy assets from NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE) to NextEra Energy Partners.

The approximately two-gigawatt portfolio comprises four newly constructed and nine operating wind, solar and energy storage assets, which are geographically diversified across U.S. power markets. The assets have in place long-term power purchase agreements with diversified, investment-grade counterparties.

This investment is the second in as many years by Ontario Teachers’ with NextEra Energy and NextEra Energy Partners, following on the acquisition of a direct interest and convertible equity portfolio financing agreement originally announced in November 2021.

“We are pleased to build on our partnership with NextEra Energy Resources and NextEra Energy Partners, a world leader in renewable energy generation, and to make another significant investment in a portfolio of high-quality wind and solar energy assets,” said Chris Ireland, Senior Managing Director, Greenfield and Renewables at Ontario Teachers’. “This portfolio of assets based across the U.S. is a strong complement to our existing portfolio and gives us additional exposure to the U.S. market.”

The investment is being made by the Greenfield and Renewables team, which is part of the Infrastructure & Natural Resources department at Ontario Teachers’. Current investments include development-focused platforms such as Cubico Sustainable Investments, Anbaric Development Partners, Equis Developments and Corio Generation, as well as a direct ownership stake in a portfolio of operating assets alongside NextEra Energy Resources. Total pro-rata capacity of the Greenfield and Renewables portfolio equals approximately 5.6 gigawatts.

Ontario Teachers’ expects to close the transaction later this year or in early 2023, subject to customary closing conditions and receipt of certain regulatory approvals.

Ontario Teachers’ financial advisor was TD Securities and legal advisor was Kirkland & Ellis LLP.


About Ontario Teachers’
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $242.5 billion as at June 30, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

Ontario Teachers leads bidding for UK SSE Networks stake

Dinesh Nair and Ruth David, Bloomberg New

November 18, 2022

Ontario Teachers’ Pension Plan Board is emerging as the frontrunner to acquire a stake in SSE Plc’s multibillion-pound electricity networks, people with knowledge of the matter said. 

The Canadian pension fund is negotiating terms of a deal to invest in SSE’s transmission and distribution grid assets, according to the people, who asked not to be identified because the information is private. Several other infrastructure investors that were previously pursuing a deal are no longer in the running, the people said.

London-listed SSE said in November last year it plans to sell about 25 per cent of its transmission and distribution grid units to help fund an increase in spending on net-zero infrastructure. The assets could be valued at more than £10 billion (US$12 billion) in any deal, Bloomberg News has reported. 

The stake sale is part of a strategic plan unveiled by SSE after it rejected a proposal from activist investor Elliott Investment Management to split the company in two by separating the renewables business. 

While discussions are at an advanced stage, there’s no certainty they will reach an agreement, and another buyer could still emerge, the people said. Representatives for Ontario Teachers and SSE declined to comment. 

A consortium backed by Ontario Teachers and Brookfield Super-Core Infrastructure Partners agreed last year to buy SSE’s remaining stake in a Scottish natural gas network for £1.2 billion. Ontario Teachers was also previously a shareholder in SSE’s smart meter venture, which was eventually sold to Equitix.

ONTARIO

Species unique to Manitoulin newly named to 'at risk' list


Three local species have been added to Ontario’s species at risk list by COSSARO, the independent Committee on the Status of Species at Risk in Ontario, that considers which plants and animals should be assessed as at risk in Ontario. A total of 15 species were added in the 2019-2020 report, which was released last month.

 Two lake whitefish sub-species from Como Lake (near Chapleau) were marked as extinct and the red-headed woodpecker was elevated from special concern to endangered. Two additional species were down listed from threatened.

Species at risk in Ontario are classified in one of four categories. A species is assessed as extirpated when it is locally extinct in one area but still lives somewhere else in the world. A species is endangered when it lives in the wild in Ontario but faces imminent extinction or extirpation. A threatened species is found living in the wild and while not endangered, is likely to become endangered if steps are not taken to address threats. Finally, a species is classified as special concern when it is not endangered or threatened but may become so due to a combination of biological traits and identified threats.

Seven species were added to the endangered list. These are shagreen, toothed globe snail, false foxglove sun moth, black ash, white rimmed single lichen, downy yellow false foxglove and Gillman’s goldenrod. Two other distinct lake whitefish sub-species (Opeongo Lake small bodied and Opeongo Lake large bodied) were added to the threatened list as were the Carolina mantleslug, hudonia godwit, smooth yellow false foxglove, fern leaved yellow false foxglove and hairy valeria. The red-tailed leafhopper was assessed as special concern. Spoon leaved moss was down listed from endangered to threatened and goldenseal was down listed from endangered to special concern.

Many of the species assessed are located in the Carolinian forest region of southern or southwestern Ontario but several have a unique connection with Manitoulin Island. Gillman’s goldenrod, for example, is endemic to the Great Lakes. The yellow flowered perennial is only found in open Great Lakes sand dunes with sparse vegetation and patches of bare sand, mostly on the shores of Lake Michigan and northern Lake Huron in Wisconsin, Michigan, Indiana and Ontario. The plant only currently occurs in Ontario on Great Duck Island.

According to the COSSARO report, there once was a sub-population of Gillman’s goldenrod at Dean’s Bay on Manitoulin Island but it was extirpated before 2000.

Gillman’s goldenrod was also added to the Committee on the Status of Endangered Wildlife in Canada (COSEWIC) list in September 2020. COSEWIC is the federal panel that assesses species at risk of extinction. It was first created in 1977 and reports to the Minister of Environment and Climate Change Canada. COSEWIC is currently an independent advisory body designated under Canada’s Species at Risk Act (SARA). Gillman’s goldenrod is listed as endangered under COSEWIC. “This perennial plant species is a Great Lakes endemic now found in Canada only on one island off the south shore of Manitoulin Island in Lake Huron. The species is threatened by habitat disturbance caused by invasive plants.”

The red-tailed leafhopper is another species whose Ontario population occurs entirely on Manitoulin Island and adjacent islands. Because it feeds exclusively on prairie dropseed and cannot fly, the red-tailed leafhopper has limited habitat options. COSEWOC (2019) recognized two designated units (DU) for this species, one of which is the Manitoulin population, called the Great Lakes Plains DU. According to COSSARO, the Great Lakes Plains DU is “a relic population from a previous expansion of prairie habitat during the Hypisithermal period (5,000 to 8,000 years ago) and is currently known from 19 locations on Manitoulin and other Lake Huron islands. It is threatened by habitat loss from a variety of causes.”

The red-tailed leafhopper has been assessed by COSSARO as being of special concern, “based on the potential of decline of the small range caused by various threats, and Ontario’s conservation responsibility for the Great Lakes Plain population.” The status is consistent with COSEWIC (2019).

Black ash was assessed as endangered in Ontario based on projected declines in total numbers over the next 100 years or two generations. Not only is 53 percent of the Ontario range currently considered susceptible to the emerald ash borer, but 78 to nearly 100 percent of the Ontario range could be affected during that time period due to climate change. The COSSARO reports indicates a predicted mortality of black ash exceeding 90 percent in areas affected by the emerald ash borer.

Black ash is a medium-sized hardwood tree endemic to all of Ontario except the far north. It occurs in swamps, bogs and other wetland areas and has long been used by Indigenous peoples for basket making. The bark of the black ash was used to make baskets for berries.

The species is still relatively common throughout Ontario but there have been significant population declines in areas affected by the emerald ash borer. The species was assessed by COSEWIC (2018) as threatened; however, it is considered threatened in Ontario because of Ontario’s “significant conservation responsibility and the specie’s declining status in the broader biologically relevant range.”

Ontario’s conservation responsibility is deemed to be significant based on the fact that the species is globally at risk (IUCN 2017) and more than 25 percent of the global range is located in Ontario.

The red-headed woodpecker is native to eastern North America. In Ontario, it is mainly found south of the Canadian Shield, with the exception of a small population in the northwestern Ontario area of Rainy River. This woodpecker nests in cavities in standing dead trees and is mainly found in open deciduous forests across its range. A red-headed woodpecker population previously found on Manitoulin Island disappeared following pesticide use in the mid-twentieth century.

COSSARO submits a report to the Minister of the Environment, Conservation and Parks in January of each year. The report includes the classification of each species assessed. The committee may submit a report classifying a species at any time in addition to the annual reporting requirement. Committee decisions are posted on COSSARO’s website following presentation to the ministry.

The ministry must amend the Species at Risk in Ontario (SARO) list regulation within 12 months of receipt of the report. Once the regulation has been changed the species is protected based on its classification.

Individuals may submit written information on a species being obsessed. The list of plants and animals that will be considered at COSSARO’s next meeting is available on its website (cossaroagency.ca) under Upcoming Species Assessments. The public is welcome to observe the species assessment discussions at COSSARO meetings and meetings do include an open session for presentations by interested stakeholders or members of the public on the species to be assessed.

Lori Thompson, Local Journalism Initiative Reporter, The Manitoulin Expositor

Ontario Teachers' to buy reverse mortgage-issuer HomeEquity Bank

Jon Mace, BNN Bloomberg

The Ontario Teachers' Pension Plan Board has announced plans to purchase the parent company of reverse mortgage-issuer HomeEquity Bank.

The deal would see the Ontario-based fund acquire HomeQ Corporation from Birch Hill Equity Partners Management Inc. Financial terms were not disclosed.

"HomeEquity Bank is an excellent fit for our growing portfolio of leading financial services firms,” said Karen Frank, senior managing director of equities at Ontario Teachers', in a news release.

“We believe the company has a high-quality management team, a solid value proposition for consumers and room to grow their business given Canada's aging population as well as the increased attractiveness of staying in your own home as you age."

Toronto-based HomeEquity Bank is best known for its CHIP reverse mortgage (once known as the Canadian Home Income Plan), which is designed for homeowners aged 55 and up.

“We are excited about the value Ontario Teachers' will bring as we continue to serve Canada's rapidly growing retiree population,” said Steven Ranson, president and chief executive officer of HomeEquity Bank, in a release. “Its long-term capital profile, track record of delivering retirement solutions and our shared vision of making a positive impact on the lives of retired Canadians makes Ontario Teachers' a natural partner for us."

The deal hinges on regulatory approval. In the news release, the parties said they expect conditions to be met in the second half of 2022.

Ontario Teachers' announces agreement to acquire HomeEquity Bank 

NEWS PROVIDED BY HomeEquity Bank

Sep 22, 2021

TORONTO, Sept. 22, 2021 /CNW/ - Ontario Teachers' Pension Plan Board ("Ontario Teachers'") announced today that it has entered into an agreement to acquire HomeQ Corporation ("HomeQ"), the parent company of HomeEquity Bank, from Birch Hill Equity Partners Management Inc. ("Birch Hill") and the other minority shareholders of HomeQ. The completion of the acquisition is subject to receipt of required regulatory approvals, which the parties expect to occur in the first half of 2022.

Ontario Teachers’ announces agreement to acquire HomeEquity Bank (CNW Group/HomeEquity Bank)

HomeEquity Bank is Canada's leading bank offering reverse mortgage solutions including the flagship CHIP Reverse Mortgage. HomeEquity Bank has a 30-year track record of helping Canadians 55 and older age in place by accessing the equity in their homes. The bank is well positioned for sustained growth as more Canadians near retirement age and seek innovative solutions to create income and build wealth.


"HomeEquity Bank is an excellent fit for our growing portfolio of leading financial services firms. We believe the company has a high-quality management team, a solid value proposition for consumers and room to grow their business given Canada's aging population as well as the increased attractiveness of staying in your own home as you age," said Karen Frank, Senior Managing Director of Equities at Ontario Teachers'. "Ontario Teachers' has a long history of investing in successful financial services businesses in Canada and internationally and we look forward to supporting HomeEquity Bank during its next stage of growth."

"We are excited about the value Ontario Teachers' will bring as we continue to serve Canada's rapidly growing retiree population. Its long-term capital profile, track record of delivering retirement solutions and our shared vision of making a positive impact on the lives of retired Canadians makes Ontario Teachers' a natural partner for us," said Steven Ranson, President and Chief Executive Officer of HomeEquity Bank. "I want to thank Birch Hill for its unwavering support for HomeEquity Bank over this past decade. Our partnership provided a reliable source of capital so that HomeEquity Bank could help more Canadians access the equity they built in their homes and live in the place they love."

The company's significant growth over the past nine years during Birch Hill's ownership has been driven by strong leadership, increased diversity of distribution channels, product expansion, significant investment in marketing and technologies, and a revitalized brand that resonated strongly with the attitudes of Canadian homeowners aged 55 plus.

Ontario Teachers' was advised by TD Securities Inc. as financial adviser, with Blake, Cassels & Graydon, LLP as legal adviser. Legal adviser to HomeQ was Torys LLP.

About HomeEquity Bank

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 30 years ago as an annuity-based solution addressing the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. For more information, visit www.chip.ca

About Ontario Teachers'

Ontario Teachers' Pension Plan Board ("Ontario Teachers'") is the administrator of Canada's largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario's 331,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

About Birch Hill Equity Partners

Birch Hill is a Canadian mid-market private equity firm with a 26-year history of driving growth in portfolio companies and delivering returns to investors. Based in Toronto, Birch Hill currently has over $4 billion in capital under management. Since 1994, Birch Hill has made over 68 investments, with 52 fully-realized. Today, their 16 partner companies collectively represent one of Canada's largest corporate entities with over $6 billion in total revenue and more than 34,000 employees.

SOURCE HomeEquity Bank

For further information: Media Contacts, HomeEquity Bank, Yvonne Ziomecki, EVP & CMO, Phone: (416) 554-1669, Email: yziomecki@heb.ca; Ontario Teachers', Dan Madge, Director, External Communications, Phone: (416) 419-1437, Email: media@otpp.com; Birch Hill Equity Partners, Pierre Schuurmans, COO and Partner, Phone: (416) 775-3830, Email: pschuurmans@birchillequity.com
Related Links

http://www.homequitybank.ca/


Organization Profile

HomeEquity Bank


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The Ontario Teachers’ Pension Just Bought Canada’s Largest Reverse Mortgage Lender

SEPTEMBER 22, 2021

Canadian home prices are moving faster than wages, leaving a lot of cash-poor, house-rich Boomers. The Ontario Teachers’ Pension Plan Board (OTPPB) must see opportunity, because they are buying a large reverse mortgage lender. The pension announced its acquisition of HomeEquity bank today. It might not be a familiar name, but their flagship product might ring a bell — CHIP Reverse Mortgages. The lender is the largest provider of reverse mortgages, which are on the climb again. 

OTPPB To Acquire Canada’s Largest Reverse Mortgage Lender

The OTPPB announced they’ll be acquiring HomeQ, the parent company of HomeEquity Bank. The bank is behind CHIP reverse mortgages, an extremely fast-growing debt product. An announcement went out today, but it’s still subject to regulatory approval. Failing any issue there, the deal should be done in the first half of 2022. Once completed, the pension will own the largest reverse mortgage player in Canada.

Reverse Mortgages 

If you’re not familiar with reverse mortgages, they’re a straightforward concept. Reverse mortgages are a type of loan where seniors pledge their home equity in exchange for cash. Lenders either deliver the funds as a lump sum, or regular payments over the term — whatever is agreed. It’s basically a mortgage in reverse, not unlike the name suggests. Another similar product is a home equity line of credit (HELOC). The biggest difference between a HELOC and a reverse mortgage is the repayment terms.

Unlike a HELOC, a reverse mortgage doesn’t require regular payments. Generally, payment is only required after death, default, or a sale. In exchange for the generous payment terms, the lender charges higher interest rates. It makes sense from the lender’s perspective since they have no idea when they’ll be repaid. From the borrower’s perspective, it might not be the best option.

Borrowers have a few issues to consider — it doesn’t take your income into account, and it’s expensive. Being on a fixed income with not a lot of money, but a lot of home equity is a dangerous combination. Borrowers that don’t have a repayment plan, or use it to fund retirement, can see their equity disappear quickly. That can leave the borrower with significantly less funds than they may have planned.

Canadians Owe $4.83 Billion In Reverse Mortgage Debt, And It’s Climbing Fast

More and more cash-poor, house-rich Boomers are seeking out reverse mortgages. The outstanding balance of reverse mortgage debt reached $4.83 billion in July, up 12.46% from last year. This is a new record high for reverse mortgage debt.

Canadian Reverse Mortgage Debt

The total of reverse mortgage debt held by regulated financial institutions, in Canadian dollars.

Month	Canadian Dollars (x1,000)
Jan 2010	652,938
Feb 2010	664,576
Mar 2010	680,588
Apr 2010	690,211
May 2010	704,812
Jun 2010	719,509
Jul 2010	728,990
Aug 2010	740,841
Sep 2010	754,490
Oct 2010	760,776
Nov 2010	760,776
Dec 2010	771,352
Jan 2011	788,836
Feb 2011	796,038
Mar 2011	810,705
Apr 2011	820,197
May 2011	836,899
Jun 2011	856,014
Jul 2011	862,897
Aug 2011	872,912
Sep 2011	889,554
Oct 2011	898,569
Nov 2011	916,360
Dec 2011	932,540
Jan 2012	938,429
Feb 2012	948,089
Mar 2012	959,663
Apr 2012	966,839
May 2012	978,235
Jun 2012	986,828
Jul 2012	995,023
Aug 2012	1,008,652
Sep 2012	1,023,826
Oct 2012	1,034,376
Nov 2012	1,048,627
Dec 2012	1,060,740
Jan 2013	1,068,448
Feb 2013	1,080,365
Mar 2013	1,091,601
Apr 2013	1,103,917
May 2013	1,110,370
Jun 2013	1,116,643
Jul 2013	1,128,247
Aug 2013	1,145,835
Sep 2013	1,159,878
Oct 2013	1,174,959
Nov 2013	1,188,322
Dec 2013	1,208,430
Jan 2014	1,215,007
Feb 2014	1,228,987
Mar 2014	1,243,595
Apr 2014	1,255,792
May 2014	1,274,423
Jun 2014	1,291,842
Jul 2014	1,298,548
Aug 2014	1,318,976
Sep 2014	1,335,018
Oct 2014	1,350,111
Nov 2014	1,364,494
Dec 2014	1,384,441
Jan 2015	1,393,026
Feb 2015	1,406,275
Mar 2015	1,420,013
Apr 2015	1,428,762
May 2015	1,447,484
Jun 2015	1,464,571
Jul 2015	1,486,448
Aug 2015	1,498,654
Sep 2015	1,513,281
Oct 2015	1,533,457
Nov 2015	1,544,868
Dec 2015	1,576,084
Jan 2016	1,583,909
Feb 2016	1,601,104
Mar 2016	1,633,115
Apr 2016	1,648,831
May 2016	1,668,329
Jun 2016	1,689,183
Jul 2016	1,704,984
Aug 2016	1,729,091
Sep 2016	1,755,888
Oct 2016	1,779,380
Nov 2016	1,811,878
Dec 2016	1,849,068
Jan 2017	1,865,410
Feb 2017	1,886,106
Mar 2017	1,929,941
Apr 2017	1,954,435
May 2017	1,994,618
Jun 2017	2,037,023
Jul 2017	2,060,723
Aug 2017	2,099,331
Sep 2017	2,132,482
Oct 2017	2,175,559
Nov 2017	2,649,688
Dec 2017	2,674,957
Jan 2018	2,697,416
Feb 2018	2,759,718
Mar 2018	2,817,477
Apr 2018	2,857,244
May 2018	2,914,436
Jun 2018	2,964,860
Jul 2018	2,994,624
Aug 2018	3,035,068
Sep 2018	3,070,378
Oct 2018	3,425,690
Nov 2018	3,489,247
Dec 2018	3,547,583
Jan 2019	3,518,383
Feb 2019	3,548,132
Mar 2019	3,616,916
Apr 2019	3,661,784
May 2019	3,719,710
Jun 2019	3,743,703
Jul 2019	3,780,548
Aug 2019	3,831,180
Sep 2019	3,882,002
Oct 2019	3,924,050
Nov 2019	3,981,093
Dec 2019	4,008,499
Jan 2020	4,027,468
Feb 2020	4,086,763
Mar 2020	4,182,640
Apr 2020	4,214,702
May 2020	4,240,450
Jun 2020	4,269,101
Jul 2020	4,295,683
Aug 2020	4,311,708
Sep 2020	4,364,359
Oct 2020	4,416,509
Nov 2020	4,457,440
Dec 2020	4,490,228
Jan 2021	4,509,988
Feb 2021	4,537,526
Mar 2021	4,594,535
Apr 2021	4,638,083
May 2021	4,683,228
Jun 2021	4,770,982
Jul 2021	4,831,129

Source: Regulatory Filings, Better Dwelling.

The growth rate is also worth a quick mention. The 12.46% annual growth in July is the highest level since October 2020. Except back then the market was showing deceleration of growth. Now we’re looking at high growth accelerating. As living costs rise faster than the CPI-indexed pensions, this is primed for a run higher.

Canadian Reverse Mortgage Debt Change

The annual percent change of reverse mortgage debt held by regulated financial institutions.

Month	Percent Change
Jan 2011	20.81
Feb 2011	19.78
Mar 2011	19.12
Apr 2011	18.83
May 2011	18.74
Jun 2011	18.97
Jul 2011	18.37
Aug 2011	17.83
Sep 2011	17.9
Oct 2011	18.11
Nov 2011	20.45
Dec 2011	20.9
Jan 2012	18.96
Feb 2012	19.1
Mar 2012	18.37
Apr 2012	17.88
May 2012	16.89
Jun 2012	15.28
Jul 2012	15.31
Aug 2012	15.55
Sep 2012	15.09
Oct 2012	15.11
Nov 2012	14.43
Dec 2012	13.75
Jan 2013	13.85
Feb 2013	13.95
Mar 2013	13.75
Apr 2013	14.18
May 2013	13.51
Jun 2013	13.15
Jul 2013	13.39
Aug 2013	13.6
Sep 2013	13.29
Oct 2013	13.59
Nov 2013	13.32
Dec 2013	13.92
Jan 2014	13.72
Feb 2014	13.76
Mar 2014	13.92
Apr 2014	13.76
May 2014	14.77
Jun 2014	15.69
Jul 2014	15.09
Aug 2014	15.11
Sep 2014	15.1
Oct 2014	14.91
Nov 2014	14.83
Dec 2014	14.57
Jan 2015	14.65
Feb 2015	14.43
Mar 2015	14.19
Apr 2015	13.77
May 2015	13.58
Jun 2015	13.37
Jul 2015	14.47
Aug 2015	13.62
Sep 2015	13.35
Oct 2015	13.58
Nov 2015	13.22
Dec 2015	13.84
Jan 2016	13.7
Feb 2016	13.85
Mar 2016	15.01
Apr 2016	15.4
May 2016	15.26
Jun 2016	15.34
Jul 2016	14.7
Aug 2016	15.38
Sep 2016	16.03
Oct 2016	16.04
Nov 2016	17.28
Dec 2016	17.32
Jan 2017	17.77
Feb 2017	17.8
Mar 2017	18.18
Apr 2017	18.53
May 2017	19.56
Jun 2017	20.59
Jul 2017	20.86
Aug 2017	21.41
Sep 2017	21.45
Oct 2017	22.27
Nov 2017	46.24
Dec 2017	44.67
Jan 2018	44.6
Feb 2018	46.32
Mar 2018	45.99
Apr 2018	46.19
May 2018	46.11
Jun 2018	45.55
Jul 2018	45.32
Aug 2018	42.32
Sep 2018	43.98
Oct 2018	57.46
Nov 2018	31.68
Dec 2018	31.68
Jan 2019	30.44
Feb 2019	28.56
Mar 2019	28.37
Apr 2019	28.15
May 2019	27.63
Jun 2019	26.26
Jul 2019	26.24
Aug 2019	26.23
Sep 2019	26.43
Oct 2019	14.55
Nov 2019	14.1
Dec 2019	13
Jan 2020	14.47
Feb 2020	15.18
Mar 2020	15.64
Apr 2020	15.09
May 2020	14
Jun 2020	14.03
Jul 2020	13.63
Aug 2020	12.54
Sep 2020	12.43
Oct 2020	12.55
Nov 2020	11.97
Dec 2020	12.01
Jan 2021	11.98
Feb 2021	11.03
Mar 2021	9.85
Apr 2021	10.05
May 2021	10.44
Jun 2021	11.76
Jul 2021	12.46

Source: Regulatory Filings, Better Dwelling.

Reverse mortgage debt is likely to see huge growth as Canada’s population ages. Home prices have long outpaced income, and are now how many people fill the gap. Expensive housing also means fewer people will have funds for anything but a home. It’s a huge growth opportunity for the pension. It is ironic to see a pension make a big bet on others not having enough in retirement though.