FC for 900 MW Cascade Power Project in Alberta
Kineticor Resource Corp. with joint development sponsors, Macquarie Capital and Ontario-based pension fund OPTrust and project sponsors OPTrust, Axium Infrastructure and DIF Capital Partners have closed the financing on the CAD1.5 billion (US$1.2 billion) Cascade Power Project. Macquarie acted as exclusive financial advisor and debt arranger to the partnership, securing non-recourse project financing.
Cascade is a 900 megawatt combined-cycle natural gas-fired generating facility to be located near Edson, Alberta. Siemens Energy will provide two highly efficient single shaft SCC6-8000H power trains and provide maintenance support under a long-term service agreement. Cascade is strategically situated in proximity to significant gas production as well as the NGTL System and high voltage electrical transmission lines, an important competitive advantage for Cascade.
Construction will start immediately with commercial operations commencing in 2023. Cascade is contracted and benefits from long-term gas netback agreements which provide cashflow stability and downside protection once the project is commissioned.
BPC, a joint venture between affiliates of PCL Construction and Overland Contracting Canada, Inc., a Black & Veatch Company, will construct the facility under an Engineering, Procurement and Construction Services contract with Kineticor acting as construction and asset manager.
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June 17, 2020
Maxim Power commissions 204 MW gas-fired plant in Canada
Calgary based Canadian independent power producer Maxim Power Corp. has successfully commissioned its 204 MW natural gas-fired power plant (M2) located near Grande Cache, Alberta. The project is the largest simple cycle natural gas-fired power plant in Alberta and is a significant milestone in the province’s transition away from coal-fired generation.
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May 05, 2020
CAD2.8bn acquisition of natural gas assets in Canada finalized
Ontario Power Generation Inc. (OPG), under a new subsidiary that will be doing business as Atura Power, has finalized the acquisition of a portfolio of combined-cycle natural gas-fired plants in Ontario. The natural gas assets had previously been owned by TC Energy.
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April 01, 2020
Sale of 400 MW offshore wind project in Canada
NaiKun Wind Energy Group Inc. has entered into an agreement to sell the 400 MW NaiKun Offshore Wind Farm located in the Hecate Strait off the coast of British Columbia, Canada to Northland Power Inc. Upon successful completion of the Transaction, Northland will be responsible for all aspects of the project’s development. The transaction will occur by way of the company selling Northland a 100% interest in its wholly-owned subsidiary, NaiKun Wind Development Inc.
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February 07, 2020
Investment agreement for Canada´s largest solar project
Greengate Power Corporation and Copenhagen Infrastructure Partners (CIP) have entered into an agreement with the intention to fund the further development and construction of the Travers Solar project. The construction of the project is anticipated to commence in mid-2020, with full commercial operations targeted for the end of 2021.
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December 18, 2019
812 MW wind portfolio in USA and Canada acquisition closes
Gulf Pacific Power, LLC (GPP) has completed the acquisition of an 80% stake in EGPNA Renewable Energy Holdings, LLC (REP), a holding company that owns an 812 MW portfolio of five operating wind projects located in the United States and Canada. GPP formed Gulf Plains Wind, LLC (Gulf Plains Wind) to acquire the interest in REP from GE Energy Financial Services and Enel Green Power North America, Inc. (EGPNA). EGPNA has retained a 20% stake in REP and will continue to operate the Portfolio. Financial terms of the transaction were not disclosed.
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