Denmark's CIP to bankroll Canada's 'largest operating solar task'

Feb 5, 2020 10:52 AM ET
  • A Denmark-based facilities investor is to sponsor what is forecasted to become Canada's biggest solar task, with construction set to commence later on this year.
Denmark's CIP to bankroll Canada's 'largest operating solar task'
Image: Kurt Bauschardt / Flickr

Earlier this week, designer Greengate Power Corporation said Copenhagen Facilities Partners (CIP) will be moneying its 400MWac Travers Solar scheme in the Alberta Province.

CIP –-- a renewable financial investment giant handling €& euro; 7.8 billion (US$ 8.61 billion) of properties worldwide –-- was quizzed by PV Tech over the stake it will own in the project but had not shed light on this point at the time this article was published.

The statement did note that the Danish investor will money the advancement, building and operation of 400MWac Travers Solar scheme, set to cost CA$ 500 million (US$ 376 million) overall.

For its part, Greengate will manage Travers Solar throughout its lifespan and is expected to retain an “& ldquo; ongoing financial interest” & rdquo; in the job after CIP’& rsquo; s entry as a shareholder.

Building ought to start in mid-2020 and help develop 500 full-time tasks, Greengate’& rsquo; s declaration declared. It included that the task ought to hit business operations by the end of 2021.

The project was cleared by Alberta's planning authorities last August. At the time, Greengate described the 1.5-million-panel task will stay operational for more than 35 years.

Greengate was separately approached for comment by PV Tech today, however the firm had actually not elaborated on its PPA arrangements for Travers by the time this story went live.

The relocation to back a large-scale solar project by an investor is the 2nd such play Canada’& rsquo; s Alberta has seen in simply a couple of days, following the majority purchase of 132MWac Claresholm by investor Capstone.

When it comes to CIP, its handle Greengate includes yet another solar investment given that the company began fundraising for renewables in 2012, including its most current fund CI NMF I.

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