Tarquti Energy Corporation is an historic joint venture between the two main economic development organizations in Nunavik – la Fédération des Coopératives du Nouveau Québec (FCNQ), and Makivik Corporation. It will be a 100% Inuit-owned company.
It was announced publicly in Ivujivik, Nunavik on February 21, 2017.
Objectives of Tarquti Energy Corporation include:
Allow Inuit to control the long-term development of renewable energy in Nunavik and ensure projects are environmentally sound and tailored to each community’s needs.
Favour Inuit employment and promote economic development in Nunavik by ensuring returns from activities in the region are invested in Nunavik.
Ensuring Landholding Corporations and Co-ops are involved in local projects by reserving participation opportunities for these organizations.
Develop a knowledge base and Inuit expertise in the field of renewable energy.
Tarquti Energy Corporation will focus on the following types of renewable energy projects:
Local energy projects situated on Category 1 or 2 lands, and other projects with the main objective being to supply energy to a community. These projects will be developed jointly with the community through a local corporation in which both the local Landholding Corporation and the local Co-op will be invited to hold an equity position.
Renewable energy projects in the Nunavik region at mining companies, for example.
Developing strategic alliances with specific companies selected for their expertise in renewable energy technologies.
The structure of the Tarquti Energy Corporation Board of Directors will be composed of eight members. Makivik and FCNQ will contribute three names each (known as Nominee Directors). The two other members of the board (known as External Directors) will be chosen by Makivik and FCNQ from outside the organizations. The Board Members will be elected at the first Tarquti Annual General Meeting immediately following incorporation.
Currently, 100% of the electricity produced in the Nunavik region is from diesel generators. Quebec’s new 2030 Energy Policy has set a goal of 40% reduction in the burning of fossil fuels by 2030.
Tarquti Energy Corporation will develop renewable energy projects that will contribute to Nunavik Inuit efforts to reduce Canada’s greenhouse gas (GHG) emissions announced as part of the Pan-Canadian Framework on Clean Growth and Climate Change on Friday December 9, 2016.