The Travers Solar project will be constructed in Vulcan County, Alberta, with an estimated capital cost of approximately CAD500m ($376.5m)
Greengate Power and CIP collaborate on Travers Solar project in Canada (Credit: Pixabay/ skeeze)
Greengate Power and Copenhagen Infrastructure Partners (CIP) have signed an agreement to facilitate funding for the development and construction of the Travers Solar project.
The Travers Solar project will be constructed in Vulcan County, Alberta, with an estimated capital cost of approximately CAD500m ($376.5m). Upon commencing operations, it is expected to become the largest operating solar energy project in Canada.
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.”
Travers Solar project expected to begin operations in 2021
Under the agreement, CIP will provide funding for the development, construction and operation of Travers Solar, while Greengate will retain an ongoing economic interest and provide management services throughout the life of the project.
The project is designed to generate a total capacity of 400MW, and is expected to offer renewable source of electricity for more than 100,000 homes in Alberta during its 30 years of operation.
During the construction phase, the solar project is expected to create 500 jobs.
The construction of the project is expected to start in mid-2020 and the full commercial operations are expected by the end of 2021.
The company said that its investment in Travers Solar would provide considerable economic and environmental benefits to Alberta and offers investor confidence in the province’s 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.”