Canada

Canada

Alberta developer receives funding for 1GW portfolio

CANADA: Developer Greengate Power has secured C$100 million ($77.8 million) in equity funding to develop its near-1GW portfolio of late-stage wind and solar projects.

Greengate Power developed the 150MW Halkirk project, now owned by Capital Power Corporation
Greengate Power developed the 150MW Halkirk project, now owned by Capital Power Corporation

The funding from investment firm Fengate Real Asset Investments will help the company develop sites in Alberta, Canada, and "expand across North America", Greengate stated.

The company’s chief executive officer Dan Balaban described the funding as "transformative" and said that it would support the company’s move into other markets beyond its native Alberta.

He did not specify where in North America the company was targeting of development.

Greengate developed 450MW of now-operational wind farms: the 300MW Blackspring Ridge and 150MW Halkirk projects, both in Alberta. It sold them to EDF Canada and power generation company Capital Power Corporation respectively.

The company has three other Alberta sites in various stages of construction: the 150MW Paintearth, 120MW Wheatland, and 113MW Stirling projects. It has 573MW of solar PV projects as well — all of which are located in the eastern Canadian state.

Greengate also develops bioenergy, small hydro, geothermal and storage projects, according to its website.

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