CIP to Fund Development of Canada's Largest Solar Job

Feb 4, 2020 12:58 PM ET
  • Greengate and CIP have participated in an agreement to money the further advancement of the Travers Solar project, the biggest solar project (to date) in Canada.
CIP to Fund Development of Canada's Largest Solar Job

Greengate Power Corporation and the Copenhagen Facilities Partners (CIP) have actually revealed that they have gotten in into an arrangement with the objective to fund the additional advancement and building and construction of the Travers Solar task, which will be the largest solar task (to date) in Canada when finished.

Topic to the accomplishment of specific staying turning points, the building and construction of the project is anticipated to begin in mid-2020, with complete commercial operations targeted for the end of 2021.

Located in Vulcan County, Alberta, Travers Solar is expected to be Canada’& rsquo; s biggest operating solar energy task, with a projected capital cost of around C$ 500 million. With an overall creating capacity of 400 MW, Travers Solar is expected to supply a renewable source of electrical energy for more than 100,000 Alberta homes throughout its thirty or more years of operation.

As part of the arrangement, CIP is expected to offer funding for the development, building and operation of Travers Solar and Greengate will keep a continuous economic interest and offer management services throughout the life of the task.

Greengate is excited to be dealing with CIP, the world’& rsquo; s largest eco-friendly energy-focused infrastructure fund, to bring this world-class project through to conclusion,” & rdquo; stated Dan Balaban, President and CEO of Greengate. “& ldquo; This continues our effective track record of establishing and securing investment for renewable resource jobs of unprecedented scale that provide strong financier returns, and we are proud to be part of developing subsidy-free, market-based solutions that substantially enhance Alberta’& rsquo; s ecological performance.”

& rdquo; The investment in Travers Solar is expected to supply significant financial and ecological benefits to Alberta while showing financier self-confidence in the province’& rsquo; s decontrolled power market and its Innovation and Emissions Decrease (TIER) program.

“& ldquo; CIP is pleased to continue growing its North American eco-friendly energy portfolio through our investment in Travers Solar, CIP’& rsquo; s first investment in Canada, & rdquo; stated Senior Partner Christian Skakkebaek of CIP. “& ldquo; Alberta is an attractive market for investment, and we anticipate working with Greengate, among Canada’& rsquo; s leading eco-friendly energy designers, to bring Travers Solar online.”

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