Kineticor Resource Corp. have received all major approvals from the Alberta Utilities Commission and Alberta Environment and Parks for the 900 MW Cascade Power Project. In addition, Cascade has executed a series of long-term gas supply agreements to support the construction of Cascade, resulting in a highly contracted, construction-ready project. The gas supply agreements represent long-term partnerships with Peyto Exploration and Development Corp. and Mitsubishi Corporation's 100% subsidiary, Cutbank Dawson Gas Resources Ltd.
Once complete, Cascade is expected to be the largest and most efficient combined cycle power plant in Alberta, producing approximately 62% less CO2 equivalent per MWh than an existing coal-fired generation, and at least 30% less CO2 equivalent per MWh than a typical coal-to-gas conversion. Construction is anticipated to begin in Q2 2020, creating over 3 million man-hours of work, with peak onsite employment of over 500 personnel. Once operational, power generated from Cascade will be transmitted through the Alberta power grid creating efficient, reliable and economical electricity for the benefit of present and future generations of Albertans.
Cascade is strategically located in the center of a prolific gas producing area near Edson, Alberta and will provide a long-term diversification opportunity for gas producers via a direct end market for their gas. Cascade will connect directly to area gas processing facilities, allowing the facility to minimize gas transportation charges which will provide both Cascade and the gas supply counterparties a relative cost advantage.
Cascade is being developed by Kineticor Resource Corp. in partnership with OPTrust and Macquarie Capital, which is also acting as a debt arranger and sole financial advisor.
