CIP, Greengate Turn Sod On Canadian Solar Giant
Copenhagen Infrastructure Partners (CIP) and Greengate Power Corporation (Greengate) have revealed construction has begun on Travers Solar, which they claim is the largest solar photovoltaic project ever constructed in Canada.
Travers Solar represents CIP’s first investment in Canada and is expected to be fully operational by the end of 2022.
With a total expected capital cost of approximately C$700m (€477m), Travers Solar will have an installed capacity of approximately 465MWac/691MWdc, consisting of approximately 1.3 million solar panels.
Located in Vulcan County, Alberta, this project will create approximately 500 full-time jobs during construction and will produce enough clean energy to power more than 150,000 homes once operational, providing substantial economic and environmental benefits to the province of Alberta.
Jinko Solar Canada will be supplying the monocrystalline bifacial solar panels and PCL Construction will be responsible for construction.
Amazon, the technology company based in Seattle, Washington, has signed a corporate power purchase agreement to offtake up to 400MWac from the project.
CIP, on behalf of the Copenhagen Infrastructure IV (CI IV) fund, will be funding the construction and operation of Travers Solar.
Greengate has retained an ongoing economic interest in the project and will continue to manage local stakeholder relations throughout its construction and operation.
Greengate chief executive Dan Balaban said: "Greengate is excited to work with CIP to bring this world-class project to completion.
"Travers Solar will significantly improve Alberta’s environmental performance, adding to Greengate’s proven track record of successfully developing renewable energy projects of scale in Canada that deliver strong investor returns.
"Greengate is proud to play a key role in creating market-based solutions that enable the global energy transition to net zero."
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 and our local partners to bring this exciting project to completion."
Norton Rose Fulbright, FIH Partners and Navigatio Capital supported CIP on the transaction.