Cascade Power Project

Rank 2022


Image Credit: Kineticor Resources

Industry Sector: Energy

Project Type: Natural Gas

Project Value: $1.5 billion

Funding Source: Private

Private Funding: $1.5 billion

Province: Alberta

City / Region: Yellowhead County

Estimated End Date of Substantial Completion: 2023

The Cascade Power Project is a 900 Megawatt (MW) combined cycle natural gas-fired generating facility, being constructed approximately 12 kilometres southwest of Edson in Alberta’s Yellowhead County. Upon completion, the new plant will have the capacity to supply up to eight per cent of the province’s overall current energy needs. Financial close on the project was reached in August 2020. Construction is underway, and is scheduled for completion sometime in 2023. In 2021, the Alberta Indigenous Opportunities Corporation (AIOC) is announced that as its first commitment it has provided a loan guarantee to a consortium of six Alberta First Nations to enable their participation in the project.

Project Owner: Kineticor Resource Corp.

Engineer: PCL/ Black & Veatch JV (engineering design); McElhanney (consulting)

Contractor: Graham (Phase 1)

Project/Construction Manager: PCL

Other Key Players: Siemens (2x SCC6-8000H Power Trains); EY (advisor to AIOC)

Financiers and Banks: Macquerie Capital, OPTrust (joint development sponsors); OPTrust, Axium Infrastructure, DIF Capital Partners (project sponsors)

Legal: Osler (advisor for Kineticor)

2022 Rank: 47

2021 Rank: 43


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