Calgary’s Greengate Power Corporation and Copenhagen Infrastructure Partners (CIP) announced on Monday their agreement to further fund the $500 million Travers Solar project.
The funding will go towards development and construction of the Travers Solar project, which is expected to begin this summer. The facility, located in Vulcan County, is forecast to begin commercial operations at the end of 2021.
“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,” said Dan Balaban, President and CEO of Greengate.
With a total generating capacity of 400 MWac, the Travers Solar project is expected to be the largest operating solar energy project in Canada and will provide electricity for over 100,000 Alberta homes.
According to a press release issued by the two companies, the Travers Solar project is expected to provide economic and environmental benefits to Alberta. As well, the move is expected to show investor confidence in Alberta’s deregulated power market and its Technology Innovation and Emissions Reduction, or TIER, program.
“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.”
The Vulcan County solar project is expected to be operational for thirty or more years. Greengate and CIP expect over 500 full-time jobs will be created during construction and once built, Travers Solar is set to be one of Alberta’s largest producers of environmental attributes for compliance by large emitters under TIER.
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