32 www.lexpert.ca
Canadian Law Awards Canadian Law Awards
MID-MARKET DEAL OF THE YEAR
One of the most notable transactions
in this category is Canada Growth Fund's
$200 million strategic investment in
Entropy and a carbon credit o ake agree-
ment, a landmark investment in Canada's
clean energy transition. Canada Growth
Fund (CGF), a $15 billion public invest-
ment vehicle, made a $200 million invest-
ment in Entropy, a leading carbon capture
and sequestration (CCS) project developer.
e transaction also included a first-of-
its-kind fixed-price carbon credit o ake
agreement (CCO), where CGF committed
to purchasing up to 185,000 tonnes per
year of carbon compliance credits for
15 years at an initial price of $86.50 per
tonne, creating carbon pricing certainty for
Entropy's Glacier gas plant CCS project.
Entropy previously completed its stra-
tegic $300 million investment agree-
ment with Brookfield Renewable via
the Brookfield Global Transition Fund
to scale up the deployment of Entropy's
CCS technolog y globally. Brookfield
Renewable will continue to invest the
balance of its existing $300 million hybrid
security into the business, at which point
it would be the largest shareholder and
control Entropy.
Osler advised Canada Growth Fund
with a team led by Shahir Giundi, Kelsey
Armstrong, Paola Olexiuk, and Jake
Sadikman. Burnet, Duckworth & Palmer
LLP represented Entropy, and Torys
LLP represented Brookfield Renewable
with a team including Konata Lake, Kate
Stevens, Tyler Cassack, and Tyson Dyck.
Another groundbreaking transaction
was Nations Royalty and Nisga'a Nation's
$100 million royalty agreement, a first-of-
its-kind Indigenous-led financial transac-
tion. is agreement established a stable,
long-term royalty stream for the Nisga'a
Nation from resource projects within its
territory, enhancing economic self-deter-
mination and generating lasting financial
benefits for the community.
THE MID-MARKET category showcases
strategic investments, private equity ac-
quisitions, and Indigenous-led financial
agreements, highlighting the depth and
complexity of mid-sized transactions in
Canada. ese deals reflect the evolution
of sustainability-driven
financing, economic
reconciliation with In-
digenous communities,
and high-value private
equity acquisitions, all
of which require so-
phisticated legal and
financial structuring.
ONE OF THE MOST NOTABLE
TRANSACTIONS IN THIS CATEGORY IS
CANADA GROWTH FUND'S $200 MILLION
STRATEGIC INVESTMENT
