Energy transition ‘expanding P3 definition’

Efforts to move economies away from reliance on carbon-based energy sources are helping to redefine what constitutes a P3, the Canadian Infrastructure Bank chief executive has said.

Ehren Cory (right) speaks during a panel session at the CCPPP 2022 conference (Credit: CCPPP)

Speaking at the CCPPP conference in Toronto this week, Cory said that the definition of P3 had been “pretty narrowly defined for many years”. However, the focus on Net Zero and developing new and innovative projects to effect the energy transition could change that, he suggested.

He pointed to the work that the CIB is doing in taking some commercial risk in some early battery storage projects. He also highlighted the bank’s role as a “gap filler” in schemes such as district energy, where there can be uncertainty over when capacity will come, due to it relying on a number of other elements.

These types of partnerships have not traditionally been seen as part of the P3 world, but are becoming increasingly common as all sectors look to work together with the common objective of transitioning to a Net Zero economy.