About Inlandsis - Inlandsis Fund
page-template,page-template-full_width,page-template-full_width-php,page,page-id-18859,,select-theme-ver-3.7,wpb-js-composer js-comp-ver-6.4.2,vc_responsive

About Inlandsis

The Inlandsis Fund was established by Fondaction and Coop Carbone in 2017 with a shared commitment to harness markets to address climate change. The Fund was initially capitalized exclusively by Fondaction. In July 2019, Fonds d’investissements LLC also joined as an investor.

Inlandsis finances carbon emission reduction and sequestration projects in government regulated carbon markets, including low carbon fuel standard programs, in North America. We operate in Alberta, California and Quebec markets, and are expanding into new markets.

Inlandsis offers a unique financing solution, providing upfront financing for capital and operating expenses, as well as carbon project development costs. Inlandsis takes construction, operation and carbon market risk in return for a share of the carbon credits or cashflows from a project. The Fund is comfortable with a variety of financing structures, including prepayments, and is able to quickly close investments. Inlandsis generally provides up to $5 million per project and is open to larger investments.

Our growing portfolio includes over 20 projects in Alberta and the Western Climate Initiative carbon markets in California and Quebec.


Created in 1996, Fondaction is a labour-sponsored fund with more than $2.9 billion in assets under management collected as retirement savings from more than 182,000 shareholders. Fondaction’s direct investments and those made through investment funds support the development of more than a thousand SMEs. From its inception, Fondaction has been committed to sustainable development. Whether investing in businesses directly or in capital markets, Fondaction always applies the principles of responsible investment.

Priori-T Capital was born out of the desire to help investors diversify their portfolio through alternative investment solutions not correlated to traditional assets. By making climate-focused private equity more accessible, Priori-T creates new sources of growth and enables their clients to have a direct impact on climate change.


David Moffat – CEO

MBA (Harvard), MES (Yale)

David has 20 years of leadership in environmental markets. At Pacific Carbon Trust, David created and managed one of the largest carbon portfolios in North America. Earlier, David led commercialization of clean energy and water technologies at DEKA R&D Corp. He has also structured conservation real estate transactions for The Nature Conservancy. Earlier, David founded and led an environmental management organization in Africa, and  managed natural resource projects for the World Bank.

Jamie Callendar – VP, Project Investments

P.Eng. (Alberta), BASc. (Waterloo)

Jamie is an environmental engineer with more than 14 years of experience in developing, financing and implementing GHG reduction and environmental technology projects. Previously, at Encana Corporation, Jamie managed an ESG-focused venture capital and project investment portfolio under the Encana Environmental Innovation Fund with total investments of $35 million over 4 years. Prior to Encana, Jamie was the Director of Technical Services at Blue Source Canada where he led the carbon offset project development and external consulting business for the Canadian business unit. Jamie is on the Board of the Green Learning Canada Foundation and is a past Chair of the PTAC TEREE Committee and the Natural Resources Canada CIPEC Task Force Council Chair for the Upstream Oil and Gas sector.

Mark Netto – CFO


Mark has more than 20 years of experience in senior leadership positions in finance. Most recently Mark led the project finance team at Enerkem Inc., a waste-to-energy company, and was instrumental in securing $150M in additional funding for its first commercial facility. Prior to Enerkem, he served in various capacities at Wavesat Semi-Conductors, IR Photonics and LX Data Fiber Optics.  He started his career at KPMG.

Jack MacDonald – SVP, Investments


Jack is a finance and commercial professional with over 20 years of international experience developing clean energy and emission reduction related businesses. He was CFO and Commercial Director of EcoSecurities, the world’s largest carbon credit company, where he led the IPO on the London AIM and the sale of the company to JP Morgan. Previously, Jack was a trader at Sprott Securities (now Cormark) where he marketed and executed secondary placements and equity trades for high growth companies.

Nathaniel Lambert – Senior Investment Analyst

B.Eng. (McGill), Minor Finance

Nathaniel studied Bioresource Engineering at McGill University and finance at the Desautels Faculty of Management. He began his career in commercial banking as a credit analyst in the agricultural sector. At TD Bank he co-managed a $200 million loan portfolio and underwrote over $100 million in gross new borrowings. Nathaniel is also a candidate in the CFA program.


Debra Alves

Chairwoman, Inlandsis

Debra Alves has a wealth of experience as a senior executive in finance and investment management.  Most recently she served for eleven years as the CEO of the CBC Pension Plan responsible for the investment management of $7 billion of assets across all asset classes.  Prior to that she was a portfolio manager investing in private equity, infrastructure and bonds for various public sector institutional investors.  Her experience includes risk management and operational oversight with a particular focus on corporate governance.  Debra holds CFA and ICD.D designations.

David Heurtel

Counsel, Environment, Energy and Climate Change

David Heurtel currently holds the position of counsel in the Environment, Energy and Climate Change Group at Fasken. He previously served as Quebec’s Minister of Sustainable Development, Environment and the Fight against Climate Change from 2014 to 2017. In that role, he took the lead in modernizing the Environment Quality Act (EQA) and adopting the Water Withdrawal and Protection Regulation (WWPR). He also spearheaded the Politique de protection des sols et de réhabilitation des terrains contaminés and the 2017–2021 action plan under that policy.

Jean-François Babin

CEO & Cofounder, Priori-T Capital

Jean-François has more than 30 years of experience in the financial sector. Before co-founding Priori-T Capital, he was Executive Vice-President and Managing Director at National Bank Financial where he was responsible for sales and trading activities for the fixed income, currencies and commodities businesses. Previously he also held various positions in the derivatives sector at CIBC, Bankers Trust and Crédit Lyonnais in New York. In addition to his professional activities, he served as Co-Governor of National Bank’s United Way Centraide Campaign and as a Member of the Major Donors United Way Centraide Campaign Committee of Greater Montreal.

Hélène Jacques

Board Member, Inlandsis

Hélène Jacques is a corporate director and strategy consultant with more than 30 years of experience in the financial sector. She helped launch three companies in various sectors including 2 related to environmental issues. Certified Corporate Director (ASC) and Chartered Director (C.Dir.), Ms. Jacques has more than 10 years of board experience. Hélène holds an MBA from HEC Montréal and is pursuing graduate studies on climate change.

Michel Péloquin

Director of Finance and Administration, Merinov

Michel is currently the Director of Finance and Administration at Merinov, the largest integrated center for applied research in the areas of fisheries, aquaculture and aquatic product processing and development in Canada. Prior to joining Merinov, Michel served as Portfolio Manager on Fondaction’s Major Investments team, where he developed extensive expertise in interventions that contributed to the fight against climate change including investments in the renewable energy sectors, energy efficiency and carbon markets.

Laure Fouin

Associate, McCarthy Tétrault LLP

Laure Fouin is a lawyer in McCarthy Tétrault’s Business Law Group in Montréal. Her practice focuses on financial institutions governance and regulation, private equity (including fund formation), securities regulation and investment products, structured finance and securitization, and Fintech. She was previously a member of the board of the Finance and Sustainability Initiative (FSI) until it became part of Finance Montreal and is currently a member of the Regulatory Watch Committee of the Conseil des fonds d’investissement du Québec (CFIQ) and a member of the board of the Marguerite-Bourgeoys Historic Site.


Rob Roberti

CFO, Cordelio Power

Rob joined Cordelio Power from its outset in June 2018 as Chief Financial Officer. He is an experienced finance and operations executive with over 25 years in the power and finance industries. As Senior VP, Power Generation with Capstone Infrastructure Corporation, Rob oversaw the company’s gas co-generation, wind, hydro, biomass and solar power businesses. Rob previously served as the CFO and Treasurer of the Clean Power Income Fund and Manager of Finance & Development for Probyn & Company. Rob has advised the Clean Power Income Fund, The Ontario Power Authority and renewable energy developers. He also arranged and placed several hundreds of millions of dollars in project finance.

Jean-Philippe Brisson

Partner, Latham & Watkins and Board Advisor

Jean-Philippe, a leading environmental lawyer, is a partner in Latham and Watkins Environmental, Land & Resources Department and Co-chair of its Air Quality & Climate Change Practice. He has more than 15 years of experience advising oil and gas, industrial, and financial institution clients on a wide range of energy and environmental matters, including carbon finance, renewable energy, and commodities. Mr. Brisson was previously Vice President in Goldman Sachs’ Global Commodities business where he helped establish Goldman’s US carbon trading desk and worked on a number of private equity transactions.

Stephan Morency

Chief Investment Officer, Fondaction

Stephan has more than 15 years of experience as a venture capitalist and entrepreneur specializing in private equity and business performance strategy. He founded two ventures, managing them from inception to divestiture. At Fondaction, Stephan focuses on impact investment, including providing capital to companies and projects in renewable energy, greenhouse gas reduction, smart city innovation, and brownfield redevelopment. He serves on the board of Transition Energétique Québec and several other organizations.

Richard Bordeleau

Broker, Vitol

Richard is an experienced energy trading and operations executive with over 22 years in the power and renewable energy industries during which he arranged and structured several hundreds of millions of dollars in long-term renewable power contracts and structured transactions. As Chief Portfolio Officer and Senior VP of Trading and Marketing with Brookfield Renewable Power, he oversaw the company’s gas co-generation, wind, hydro and pump storage power businesses. Richard previously has commercial roles at PG&E’s National Energy Group and at Hydro-Quebec. At Vitol, he now leads a new Canadian division focusing on electrical physical trading, asset management & optimization, structured transactions and arbitrage strategies.

Louis Roquet

Former Inlandsis Chairman & Advisor

Throughout his career, Louis Roquet held various positions in the senior public service and in the private sector. Among these positions, he served as CEO of the Société des alcools du Québec (SAQ), CEO of Investissement Québec and Secretary General of the City of Montréal.  He held a senior management position for five years at the Desjardins Group as President and Chief Operating Officer of Desjardins Venture Capital.

Mustapha Ouyed, P. Eng., B. SC.A.

President, OSC Consultants

A professional engineer with more than 20 years of experience, Mustapha is a recognized expert in industrial environmental management, including GHG emission reductions. He has had the opportunity to work with leading firms in many sectors, including oil & gas, aluminum, steel, manufacturing and bio-economy. Mustapha is a board member of the Quebec Business Council on Environment (CPEQ) and Ecotech Quebec, and was previously President of Réseau Environment, the largest environment specialist association in Quebec.