Most people are complaining that this is debt-financed. The real issue is its Plannerbrained McKinseyslop.
If you're deploying capital in infra projects the government can kill - you'd have to be stupid to not put it in ones MPO has identified and the SWF has put money in. At that point, the government is politically on the hook, so you'd obviously ask that the SWF backstop.
So, if anything, this actually makes deploying capital into Canada harder, not easier. Since your options are: A) State-mandated and subsidized, and B) Orphans.
This will likely be part of the slow descent into Canadian Peronism - covered in sufficient technocratic cliches and stakeholder language to disguise it. My expectation is when this doesn't work the Maple 8 and other Canadian asset managers will be bullied into repatriating an ever-larger chunk of their investments.