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May 21, 2020

TC Energy closes equity investment in hydro energy storage project

North American energy company TC Energy has made an equity investment in Turning Point Generation (TPG), a subsidiary of WindRiver Power.

North American energy company Tc Energy has made an equity investment in Turning Point Generation (TPG ), a subsidiary of WindRiver Power .

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TPG is the developer and owner of the pumped hydro energy storage facility called Canyon Creek project.

Financial details of the investment have not been divulged by both companies.

WindRiver president and CEO Kipp Horton said: “We are excited to be joined by Tc Energy in advancing the Canyon Creek Project to its commencement of construction, which we anticipate by year’s end.

Tc Energy ‘s outstanding reputation, financial strength and intimate working knowledge of the Alberta electricity market make it an ideal complement to WindRiver’s expertise in hydro plant construction and operation.”

With an initial capacity of 75MW, the Canyon Creek project’s generating ability can be increased to 400MW.

Located near Hinton, Alberta, the project makes use of existing site infrastructure of a decommissioned open-pit coal mine.

The company noted that the pumped hydro energy storage will have the capacity to supply up to 37 hours of on-demand clean energy and ancillary services to the Alberta electricity grid.

Additionally, the project secured approval from Alberta Utilities Commission as well as obtained approval from the Alberta Government for hydro projects under the Canyon Creek Hydro Development Act.

Tc Energy power and storage and Mexico chief operating officer and president François Poirier said: “We are looking forward to working with TPG and adding the Canyon Creek Project to our growing portfolio of energy storage prospects”, says

“We believe that large-scale, long-duration and strategically-sited energy storage is the key to unlocking the full potential of renewable energy and moving towards a lower carbon footprint in Alberta’s electricity grid.”

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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