OPTrust Invests in Cascade Power Project in Alberta
Posted on 08/28/2020
DIF Capital Partners (via its DIF Infrastructure VI fund) and Axium Infrastructure have joined forces with Macquarie Capital, OPTrust, and Kineticor Resource Corporation to financially back the construction of the Cascade Power Project Limited Partnership. The financing for the project is worth C$ 1.5 billion. The Cascade Power Project is a 900-megawatt combined-cycle natural gas-fired facility to be located near Edson, Alberta. Siemens Energy will provide two highly efficient single shaft SCC6-8000H power trains and provide maintenance support under a long-term service agreement. Cascade is strategically situated in proximity to significant gas production as well as the NGTL System and high voltage electrical transmission lines, an important competitive advantage for Cascade.
Calgary-based Kineticor is a developer and manager of clean power projects across Canada. The 900 MW power plant will utilize natural gas as fuel and deliver all power into the Alberta Integrated Electric System.
Earlier, the Cascade Power Project executed a series of long-term gas supply agreements with Peyto Exploration and Development Corp. and Mitsubishi Corporation’s 100% subsidiary, Cutbank Dawson Gas Resources Ltd.
Macquarie acted as exclusive financial advisor and debt arranger to the partnership, securing non-recourse project financing.
Keywords: OPSEU Pension Trust.