Alberta renewable energy company says investors leaving due to UCP moratorium

A renewable energy company in Alberta says investors have already pulled out because of the provincial government’s moratorium on new wind and solar projects.

Hope Solar Investment joined the opposition NDP Friday, saying the future of the new company is now in doubt.

“They told us until the uncertainty is removed, they are not going to invest in Alberta,” said Gary Morris, co-founder of Hope Solar Investments.

“The announcement of this moratorium has put a chill on everything. We don’t know what the rules are going to be at the end of the month. There has been no guidance or insight. I have no problem tweaking as you go, but I do think the issues they are concerned with have already been addressed.”

The Minister of Affordability and Utilities sending out a statement Friday saying a six month pause on new projects is needed to develop new framework, and that “We need to protect the reliability and affordability of our electricity grid when it comes to adding intermittent power sources in a short period of time.”

Pointing to a new document by the Alberta Utilities Commission, who are taking on the review of renewables regulations, meant to counteract what he calls misinformation.

The report does not directly acknowledge how much investment might be lost during the moratorium, but says “Even with the pause, Alberta will have a very quick and straight forward approval process compared to other jurisdictions in North America.”