Clarington, Ajax, Belleville and Whitby to convert debt into $62M equity in Elexicon Energy, mayor says
On Sept. 17, 2025, Clarington Mayor Adrian Foster said Clarington, Ajax, Belleville and Whitby will convert shareholder debt to equity as part of a $62 million commitment to Elexicon Energy, a change he said is intended to support the local electricity grid. The comments were made in a statement posted on the municipal website.
Foster linked the financing change to growth-related electricity needs in Clarington and said Elexicon serves many areas of the municipality. The statement did not provide a timeline for the transaction, a breakdown of the $62 million by municipality, or details on specific projects in Clarington.
“The Municipality of Clarington, along with Ajax, Belleville and Whitby, have committed to increasing investment in the local grid through a renewed financing arrangement with Elexicon Energy,” Foster said in the statement.
“By converting the debt owed to shareholders into equity in the company, we’re committing to Elexicon’s long-term growth,” he said.
Foster said “Elexicon provides safe and reliable energy to many areas of Clarington, and as our community grows, so too must our local energy infrastructure.” He described Elexicon as publicly owned, adding, “This is your utility, owned by the taxpayers.”
Beyond identifying the participating municipalities and the total dollar figure, the statement did not specify how much each municipality would contribute in equity, when the conversion would occur, or which electricity system upgrades in Clarington the change in financing would affect. It also did not describe the proportion of outstanding debt to be converted or other terms of the “renewed financing arrangement.”
The statement’s summary described the action as a $62 million equity investment made by several shareholders in Elexicon Energy. All claims and characterizations of the utility and its service area were attributed to Foster’s statement on the municipal website.