A Denmark-based investment company will fund a 400-megawatt solar project in Alberta.
According to the agreement, Copenhagen Infrastructure Partners (CIP) will develop and build the $500-million Travers Solar project in Vulcan County.
Greengate will retain an ongoing economic interest and provide management services throughout the life of the project.
“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.
Construction of the project is anticipated to begin in mid-2020, with full commercial operations targeted for the end of 2021.
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.
Travers Solar is expected to be Canada’s largest operating solar energy project with a total generating capacity of 400 megawatts, enough to power 100,000 Alberta homes for 30 years. It is expected to create more than 500 full-time jobs during construction.
Once built, Travers Solar is expected to be one of Alberta’s largest producers of environmental attributes for compliance by large emitters under TIER.