Canadian renewable energy company Greengate Power Corporation and fund management company Copenhagen Infrastructure Partners (CIP) have reached an investment agreement for the Travers Solar project.
According to the agreement, CIP is expected to fund the development, construction and operation of the solar facility.
Greengate will offer management services during the project lifecycle. As the project developer, the company will retain an ongoing economic interest.
Greengate president and CEO Dan Balaban said: “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.
“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.”
Located in Vulcan County, Alberta, Travers Solar will be one of Canada’s largest solar energy project.
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The 400MWac solar facility is being built with an investment of approximately C$500m ($376m). It is expected to supply clean energy to more than 100,000 Alberta homes during its lifespan.
The construction works at the site are expected to begin later this year and will be completed by the end of 2021. During the construction phase, the project is expected to create 500 full-time jobs.
The project will boost investor confidence in Alberta’s deregulated power market and its Technology Innovation and Emissions Reduction (TIER) programme.
CIP senior partner Christian Skakkebaek said: “CIP is pleased to continue growing its North American renewable energy portfolio through our investment in Travers Solar, CIP’s first investment in Canada.
“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.”