Kineticor acquires power plant and secures investment from OPTrust
Kineticor Resource Corp., in partnership with OPTrust, has closed the acquisition of a partially constructed 690 MW cogeneration plant located near Peace River, AB from Shell Canada.
Kineticor intends to repurpose this facility as a standalone power plant called the Three Creeks Power Plant. The acquisition also includes an agreement between Kineticor and Shell for the future development of the plant.
Andrew Plaunt, Kineticor's Chief Executive Officer, said:
"The Alberta power market is going through significant changes over the next decade and this acquisition, coupled with the OPTrust capital commitment, significantly strengthens Kineticor's ability to capitalize on the opportunities that will be presented in this changing marketplace."
In conjunction with closing this acquisition, OPTrust has committed a CAD125 million (US$93 million) investment in Kineticor which will support current and future growth initiatives.
Gavin Ingram, Global Head of Infrastructure at OPTrust, said:
"We are delighted with the Three Creeks Power Plant acquisition and look forward to pursuing more growth opportunities within the sector in partnership with Kineticor."
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