Vancouver has no shortage of renewable energy companies, but according to a new report, M&A activity in the clean tech sector is leaving Canada behind.
In a new report, PwC said only 22% of the 321 worldwide renewable energy transactions announced this year had a Canadian target.
That is compared with 34% in 2009 and 30% in 2008, and still well below Canada’s energy and mining sectors, which average 10% to 20% higher.
PwC said the lion’s share of renewable energy deals are concentrated outside of North America, with most targets in Europe or Asia.
North America accounts for approximately 16% of global deal volume.
“While the numbers show that Canada has not been as active compared to other countries lately, our market is ready for a significant change of events in global renewable deal making,” said Kristian Knibutat, PwC’s national deals leader.
According to the report, there are six reasons why Canada will be at the forefront of global deal making in the future:
“With the right long-term policies and continued access to capital, our nation is set to be a cornerstone of one of the most critical global sectors of the millennium,” said Knibutat.
Check out this week’s print edition of Business in Vancouver for stories about the T’Sou-ke First Nation’s solar project on Vancouver Island, Cloudworks Energy Inc.’s run-of-river projects in the Fraser Valley and Nexterra Systems Corp.’s ongoing mission to promote the benefits of biomass power.