Canada Growth Fund

The Canada Growth Fund in its connection with its carbon credit offtake agreement and $200 million strategic investment in Entropy Inc.


Canada Growth Fund


$200 million


Mergers and Acquisitions

Date Closed


Government and Public Sector

Lead Office



On December 20, 2023, the Canada Growth Fund announced its agreement to make a $200 million strategic investment in Entropy Inc., coupled with a novel fixed-price carbon credit offtake agreement that represents first ever large-scale, long-term, fixed-price carbon credit offtake commitment in a compliance carbon market, whereby the Canada Growth Fund committed to purchase up to one million tonnes per annum of carbon credits for 15 years from Entropy.

The Canada Growth Fund is a new $15 billion public fund established by the Government of Canada and managed by PSP Investments, with a mandate that includes investing in projects and technologies, including carbon capture and sequestration, that hold significant potential to reduce emissions across the Canadian economy. Entropy is a Calgary-based carbon capture and sequestration project developer.

The Osler deal team consisted of Jacob Sadikman and Paula Olexiuk (Energy), Shahir Guindi, Kelsey Armstrong and Bukola Agbede (Corporate), Deirdre Sheehan and Joey Chan (Regulatory, Indigenous and Environmental) and Zeyad Aboudheir (Articling Student).