CALGARY,
AB, Feb. 27, 2025 /CNW/ - Kineticor Asset
Management LP ("Kineticor") is pleased to announce that Pembina
Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) has entered
into agreements for a 50 percent interest in the Greenlight
Electricity Centre Limited Partnership ("Greenlight LP" or
"Greenlight"), a special-purpose limited partnership with Kineticor
Holdings LP #3, a portfolio company of OPTrust.
Greenlight LP is developing the Greenlight Electricity Centre
("GLEC" or "Project") which is a proposed multi-phased gas-fired
combined cycle power generation facility of up to 1,800 MW with
carbon capture optionality coupled with significant land holdings
that can accommodate a co-located 1,800 MW data centre complex. The
Project would be constructed on land already zoned for heavy
industrial use and strategically located near transmission lines,
utility infrastructure, carbon sequestration, and fiber in
Alberta's Industrial
Heartland.
The GLEC is managed by Kineticor, which successfully developed,
constructed, and currently operates the 900 MW Cascade Power Plant
near Edson, Alberta.
"We are excited to be partnering with Kineticor and for the
opportunity to further extend our value chain to provide power to a
promising new Alberta-based data
centre industry," said Stu Taylor,
Pembina's Senior Vice President & Corporate Development
Officer. "In addition to our direct investment in Greenlight,
Pembina is well positioned to leverage its existing and future
asset base to further support the project. The proximity of our
Alliance Pipeline offers a potential opportunity to provide natural
gas supply to the GLEC, and the potential future development of the
Alberta Carbon Grid may provide a future emissions reduction
solution."
"We are thrilled to partner with Pembina on this
transformative project," said Andrew
Plaunt, CEO of Kineticor. "Alberta's Industrial Heartland is one of the
best locations in the province to facilitate a project of this
magnitude given the large land base, robust grid infrastructure,
and potential for decarbonization solutions over time. By
partnering with Pembina, we can leverage and combine our individual
strengths and experience in major infrastructure projects to bring
all the pieces together to develop a world class facility."
Power Generation to Support Alberta's Growing Data Centre
Demand
The GLEC is one of the largest and most advanced baseload power
developments in Alberta. Designed to meet the increasing
electricity needs driven by the province's growing data centre
industry, the facility will be developed in modular phases of
approximately 450 MW each to scale with market demand, up to a
maximum initial nameplate design of 1,800 MW. The power generation
facility is currently in Stage 3 of the Alberta Electric System
Operator ("AESO") interconnection process, and is progressing
through permitting, design, and contracting. GLEC has the
optionality to supply power to a co-located data centre or feed
directly into Alberta's power grid
to support data centre loads across the province.
Data Centre Development and Power Offtake Agreements
Greenlight is well progressed on an 1,800 MW load application
with the AESO on the lands surrounding the GLEC and is targeting
grid interconnection in early 2027. Greenlight is actively engaging
with numerous customers regarding locating their data centres on
GLEC lands and/or procuring long-term power offtake from the
Project. GLEC offers prospective customers speed to market and
ample ability to scale their growth with reliable and
cost-effective power supply. Located near Edmonton, AB which has a highly skilled local
labour force, GLEC is an ideal site to execute a project of this
scale, all while driving investment and innovation in Alberta.
Supporting Alberta's Vision
for a Thriving Data Centre Industry
The Government of Alberta has
set an ambitious target of attracting $100
billion in data centre investments by 2030, encouraging
developers to "bring their own power." Pembina and Kineticor are
committed to supporting this vision by delivering reliable and
cost-effective power solutions at scale to data centres looking to
locate in the province.
About Kineticor Asset Management
Kineticor Asset
Management is a leading developer, manager, and operator of power
generation facilities within Alberta. With a portfolio exceeding 2,700 MW
in various stages of development & operations, Kineticor is
committed to efficiently developing innovative power solutions that
support Canada's evolving power
needs. For more information, please visit www.kineticor.ca
About Pembina
Pembina Pipeline Corporation is a
leading energy transportation and midstream service provider that
has served North America's energy
industry for more than 70 years. Pembina owns an extensive network
of strategically-located assets including hydrocarbon liquids and
natural gas pipelines, gas gathering and processing facilities, oil
and natural gas liquids infrastructure and logistics services, and
an export terminals business. Through our integrated value chain,
we seek to provide safe and reliable energy solutions that connect
producers and consumers across the world, support a more
sustainable future and benefit our customers, investors, employees
and communities. For more information, please visit
www.pembina.com
About OPTrust
With net assets of $25 billion, OPTrust invests and manages one of
Canada's largest pension funds on
behalf of over 111,000 members. OPTrust is a global investor in a
broad range of asset classes including Canadian and foreign
equities, fixed income, real estate, infrastructure and private
markets, and has a team of highly experienced investment
professionals located in Toronto,
London, and Sydney. For more information, please visit
www.optrust.com
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SOURCE Kineticor Asset Management LP
