CALGARY, Alberta, June 23, 2021 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP) and Greengate Power Corporation (Greengate) are pleased to announce that construction has begun on Travers Solar, the largest solar photovoltaic project ever constructed in Canada. Travers Solar represents CIP’s first investment in Canada and is expected to be fully operational by the end of 2022.
With a total expected capital cost of approximately C$700 million, Travers Solar will have an installed capacity of approximately 465 MWac / 691 MWdc, consisting of approximately 1.3 million solar panels. Located in Vulcan County, Alberta, this project will create approximately 500 full-time jobs during construction and will produce enough clean energy to power more than 150,000 homes once operational, providing substantial economic and environmental benefits to the province of Alberta. Jinko Solar Canada will be supplying the monocrystalline bifacial solar panels and PCL Construction will be responsible for construction. Amazon, the technology company based in Seattle, Washington, has signed a corporate power purchase agreement to offtake up to 400 MWac from the project.
CIP, on behalf of the Copenhagen Infrastructure IV (CI IV) fund, will be funding the construction and operation of Travers Solar. Greengate has retained an ongoing economic interest in the project and will continue to manage local stakeholder relations throughout its construction and operation.
“Greengate is excited to work with CIP to bring this world-class project to completion,” said Dan Balaban, Chief Executive Officer of Greengate. “Travers Solar will significantly improve Alberta’s environmental performance, adding to Greengate’s proven track record of successfully developing renewable energy projects of scale in Canada that deliver strong investor returns. Greengate is proud to play a key role in creating market-based solutions that enable the global energy transition to net zero.”
“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 and our local partners to bring this exciting project to completion.”
Norton Rose Fulbright, FIH Partners and Navigatio Capital supported CIP on the transaction.
For more information, please visit: www.traverssolar.com.
About Greengate Power Corporation
Greengate is a privately held renewable energy company based in Calgary, Alberta, with a proven track record of developing renewable energy projects of scale in Canada. Since 2007, Greengate has successfully developed close to 1 GW of operating or in-construction renewable energy projects in Canada, including the country’s largest wind and solar energy projects. These projects represent over C$1.6 billion of investment and are expected to produce enough clean energy to power more than 350,000 homes.
Greengate has a growing portfolio of renewables and next-generation renewables projects under development in Alberta, and is pursuing opportunities beyond, as it aims to be a leading enabler of the global energy transition to net zero.
For more information, please visit: www.greengatepower.com.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 195 employees and offices in Copenhagen, Hamburg, New York, Tokyo, Utrecht, and London.
CIP manages seven funds and has approximately EUR 15 billion under management. PensionDanmark was founding - and sole investor in CI I, CI A I, and CI A II. Today CIP’s funds have approximately 100 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and North America and multi-lateral organizations e.g. EIB.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with PensionDanmark.
For more information, please visit: www.cipartners.dk.
For media inquiries please contact:
Brookline Public Relations for Greengate Power
Lisa Libin
Phone: 403-815-5626
Email: llibin@brooklinepr.com
Copenhagen Infrastructure Partners
Investor Relations – Kelly Bork
Phone: +45 70 70 51 51
Email: ir@cip.dk
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 CIP’s 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 CIP’s and 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 CIP’s and Greengate’s expectations only as of the date of this media release. Except as required by applicable securities laws, CIP and 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.