Green Impact Partners Inc., Carbon Clean Energy Inc. (CCE) and PCL Constructors Inc. (PCL) are working together to develop a large-scale bio-fuel facility in Calgary, Alberta.
The plant will produce over 300 million litres of ethanol annually, up to 2.5 million Btu of renewable natural gas and 2.3 million tonnes of carbon offset credits.
Decision expected by 2022
A final investment decision to proceed to construction is expected later this year or early 2022.
“This is an incredible opportunity to advance a sizable, and well-developed clean energy project that fits with GIP’s overall purpose and strategy” says Jesse Douglas, CEO.
“This project, once built, will be a significant contribution to the global need to reduce carbon emissions.”
The project has an anticipated capital cost of $475 million and once operational, will generate approximately $140 million annual profit. GIP is closing on a substantial investment in the project and anticipates holding a 50% interest. ATB Capital Markets is the financial advisor for the project.
“We are proud to partner with GIP and CCE to bring our experience to bear on a project that will help deliver a cleaner, more sustainable solution to help meet Alberta’s energy needs,” says Roger Keglowitsch, COO Heavy Industrial, PCL Construction.
“CCE is excited to partner with GIP and PCL to execute on our vision of constructing a significant low carbon intensity renewable energy project in Southern Alberta”, says Bruno Rizzuto, Director.
“The combined expertise of GIP and PCL will ensure the overall success of the project going forward. We would also like to thank Emissions Reduction Alberta for recognizing the importance of this project to the province.”
PCL is a group of independent construction companies that carries out work across Canada, the United States, the Caribbean and Australia. Operations in the civil infrastructure, heavy industrial and buildings markets are supported by a strategic presence in 31 major centres. Together, these companies have an annual construction volume of $9 billion, making PCL the largest contracting organization in Canada and one of the largest in North America.