Travers Solar is expected to attract approximately C$500 million of foreign investment and bring more than 500 jobs to Alberta’s growing renewable energy sector
Calgary, AB (GLOBE NEWSWIRE) - Greengate Power Corporation (Greengate) and Copenhagen Infrastructure Partners (CIP) are pleased to announce that they have entered into an agreement with the intention to fund the further development and construction of the Travers Solar project. Subject to the achievement of certain remaining milestones, construction of the project is anticipated to commence in mid-2020, with full commercial operations targeted for the end of 2021.
Located in Vulcan County, Alberta, Travers Solar is expected to be Canada’s largest operating solar energy project, with an estimated capital cost of approximately C$500 million. With a total generating capacity of 400 MWac, Travers Solar is anticipated to provide a renewable source of electricity for more than 100,000 Alberta homes during its thirty or more years of operation.
As part of the agreement, CIP is anticipated to provide funding for the development, construction and operation of Travers Solar and Greengate will retain an ongoing economic interest and provide management services throughout the life of the project.
The investment in Travers Solar is expected to provide substantial economic and environmental benefits to Alberta while demonstrating investor confidence in the province’s deregulated power market and its Technology Innovation and Emissions Reduction (TIER) program. It is anticipated that more than 500 full-time jobs will be created during construction, and once built, Travers Solar is expected to be one of Alberta’s largest producers of environmental attributes for compliance by large emitters under TIER.
“Greengate is excited to be working with CIP, the world’s largest renewable energy focused infrastructure fund, to bring this world-class project through to completion,” said Dan Balaban, President and CEO of Greengate. “This continues Greengate’s successful track record of developing and securing investment for renewable energy projects of unprecedented scale that deliver strong investor returns, and we are proud to be part of creating subsidy-free, market-based solutions that significantly improve Alberta’s environmental performance.”
“CIP is pleased to continue growing its North American renewable energy portfolio through our investment in Travers Solar, CIP’s first investment in Canada,” said Senior Partner Christian Skakkebaek of CIP. “Alberta is an attractive market for investment, and we look forward to working with Greengate, one of Canada’s leading renewable energy developers, to bring Travers Solar online.”
CIBC Capital Markets acted as Greengate’s exclusive financial advisor on the transaction and Osler, Hoskin & Harcourt LLP acted as legal advisor. FIH Partners acted as CIP’s exclusive financial advisor and Norton Rose Fulbright Canada LLP acted as legal advisor.
About Greengate Power Corporation
Greengate is an industry leading, privately held renewable energy company based in Calgary, Alberta, Canada. Since 2007, Greengate has successfully developed close to 1,000 MW of operating or near-construction renewable energy projects in Canada, including the country’s largest wind and solar energy projects. These projects represent over C$1.5 billion of investment and are expected to provide a clean source of power to more than 350,000 homes.
Greengate is currently pursuing the development of new renewable energy projects, as it continues its leadership in the rapidly growing global renewable energy industry. For more information, please visit: www.greengatepower.com.
About Copenhagen Infrastructure Partners
CIP is a fund management company with five energy infrastructure funds and nearly EUR 8 billion under management. CIP is a multinational team with extensive experience and knowledge within renewable technologies. CIP has investments in utility scale renewable assets across North America, Western Europe, and Asia Pacific. The team has a broad range of competencies within corporate finance, merger & acquisitions, engineering, construction, project development and project management.
CIP was established in 2012 by Senior Partners with a proven track record from senior positions in the energy industry. Current investments include a wide range of energy infrastructure assets including offshore wind, onshore wind, offshore power transmission, biomass and energy-from-waste, and solar PV investments.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," “intend”, "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking information include, among others, statements and timelines with respect to construction and commencement of operations, statements regarding expected operational results and expected capital costs, environmental and economic benefits, job creation and other statements regarding Travers Solar and Greengate’s other renewable energy projects. The forward-looking information constitutes neither historical facts nor assurances of future performance and is based on certain key beliefs, expectations and assumptions made by Greengate, including expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, including the development of its renewable energy projects; the state of the economy and the renewable energy business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments. Because forward-looking information relates to the future, such information is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Greengate’s control. Actual results and financial condition may differ materially from those indicated in the forward-looking information, and as such no reliance should be made on any forward-looking information, which reflect Greengate’s expectations only as of the date of this media release. Except as required by applicable securities laws, Greengate undertakes no obligation to update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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