With plans to build Alberta’s largest wind-energy farm between Halkirk and Castor next summer, Greengate Power Corporation has welcomed another partner and finalized the first stage of its financing plan with a nearly $6 million injection to the project capital.
Capital Power Corporation recently entered a joint-venture agreement with Greengate to develop, construct and operate the Halkirk I Wind Project through its subsidiary Capital Power LP.
“Partnering with Capital Power validates Greengate’s transmission- focused development strategy,” said Dan Balaban, president and chief executive officer of Greengate.
Under the terms, each partner will own a 50-per-cent interest in the projects.
Greengate will lead development while Capital Power will manage construction and operation of the project.
Earlier, Greengate Power Corporation announced that as part of its plan to raise $10.8 million in private financing, it received an investment of $5.8 million from NGEN Partners and SAM Private Equity, two leading cleantech-sector investors.
“As we prepare to begin construction of Alberta’s largest wind energy project, Greengate is happy to strengthen our team and our balance sheet,” said Balaban.
“Greengate has put together a very impressive suite of wind-energy projects,” said Steven E. Parry, managing director of NGEN.
“NGEN is pleased to invest in the Greengate team as they move from development to construction.”
Those words were echoed by the other partner SAM Private Equity.
“Greengate represents a unique opportunity to invest in a large portfolio of high-quality renewable energy assets in Alberta which is a very attractive market,” said Rhea Hamilton, investment director for SAM.
Parry has already joined the Greengate board of directors and Hamilton is expected to follow suit with the expansion of the Greengate board membership soon.
Greengate plans to kick off the project with a barbecue later in spring and host a job fair for 100 to 200 construction jobs.
Estimated at $350 million, the project has already received $46 million from the federal government.
Greengate plans to construct the project in two phases, Halkirk I and Halkirk II.
Upon completion of the 150-megawatt project, there will be some 83 turbines over an area of 50 sections in the County of Paintearth between Halkirk and Castor.