Cleantech-focused investment firm Sail Capital Partners has reportedly cancelled plans to raise a C$100m ($97m) Canadian venture fund.
The firm blamed the decision on the lack of follow-through from its joint venture partner, banking group Stifel Financial Corp, which is shutting down its operations in the country, said Dow Jones.
Sail and Stifel launched a Toronto-based joint venture in early 2012 with plans to invest in early-stage cleantech companies.
Sail first announced its intention to launch the fund at the start of 2012, having already invested in the sector through deals such as its tie-in with Xtreme Power.
The firm said at the time that it was attracted to Ontario because of the significant opportunities in the cleantech sector and the record of fostering innovation.
Ontario became a leader in Canada’s green efforts over the course of 2011 when a feed-in tariff encouraged investment in renewable energy generation.
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