Cascade Power Station

From Global Energy Monitor
Part of the Global Gas Plant Tracker, a Global Energy Monitor and Center for Media and Democracy project.

Cascade Power Station is a proposed 900-megawatt (MW) gas-fired power plant in the province of Alberta, Canada.[1] It is also known as the Cascade Power Project and the Cascade Power Combined Cycle Power Facility.[2]

Location

The map below shows the approximate location of the proposed power station, southwest of Edson, Yellowhead County, the province of Alberta, Canada.

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Background

Cascade Power began planning the Cascade Power Project in January 2018[2] and had an open house for the local public in August 2018[3]. Later that year, Cascade Power submitted regulatory approval documents.[4]

In August 2019, Cascade Power said approvals for the project were moving slower than anticipated due to concerns by people with First Nations and the Alberta Utilities Commission.[5] Alberta Utilities Commission approved the project in November 2019,[1] and Cascade Power said they were still expecting to break ground early in 2020.[6]

In February 2020, Power Technology reported that construction was "expected to begin in the second quarter of the year."[7]

In August 2020, construction of the project began following the securing of project financing.[8] BPC, a joint venture between PCL Construction and Overland Contracting Canada, Inc., a Black & Veatch Company, will construct the facility under an Engineering, Procurement and Construction Services contract.[9] Siemens Energy received the order from the project promoter to provide two SGT6-8000H gas turbines in single shaft combine cycle configuration, steam turbines and heat recovery steam generators as well as long-term services. The order is worth more than 330 million euros.[10]

Financing

Cascade Power has estimated the total cost of the project at C$1.5 billion (US$1.2 billion).[11] In July 2020, IJGlobal reported that the project sponsor is aiming to raise approximately US$915 million in project financing from banks. The Australian investment bank Macquarie has taken an equity stake in the project and is acting as financial advisor. Other banks already involved in the project are two Canadian institutions, ATB Financial and National Bank Financial, France's Crédit Agricole and Japan's Nomura.[12]

The US$1.2 billion project reached financial close in August 2020 with the securing of US$692 million in debt from a finally confirmed group of financial institutions: ING, ATB Financial, MUFG, National Bank Financial, Nomura, Siemens Financial Services, Natixis, Canadian Western Bank and Fiera Private Debt Fund.[13]

Project Details

  • Sponsor: Cascade Power Gp Ltd.[14]
  • Parent company: Cascade Power Gp Ltd.
  • Location: approximately 12 kilometres southwest of Edson, the province of Alberta, Canada
  • Coordinates: 53.524882, -116.596103 (approximate)
  • Gross capacity (proposed): 900 MW

Articles and Resources

References

  1. 1.0 1.1 Cascade Power Project, Alberta government website, accessed Nov. 21, 2019
  2. 2.0 2.1 Cascade Power July 2018 Open House, Cascade Power website, accessed Nov 2918
  3. Liam Harrap, New power plant proposal consults the public, Edson Leader, Aug 3, 2018
  4. Timeline, Cascade Power website, accessed Nov 22, 2019
  5. Edward Moore, Cascade Power official says power plant project slower than anticipated, Edson Leader, Aug 1, 2019
  6. Edward Moore, Cascade Power expects construction to start in the spring, Edson Leader, Nov 7, 2019
  7. Kineticor receives approvals for 900MW combined cycle power plant, Power Technology, Feb. 11, 2020
  8. Dave Naylor, Work begins on massive $1.5-billion power plant in Alberta, Western Standard, Aug. 31, 2020
  9. 900 MW Cascade CCGT project starts construction in Alberta (Canada), Enerdata, Sep. 2, 2020
  10. Siemens Energy and Kineticor advance Canada’s decarbonization efforts, World Oil, Aug. 31, 2020
  11. Cascade Power Project's Community Open House presentation
  12. Taryana Odayar, Nearly $1bn CCGT raise underway, IJGlobal, Jul. 14, 2020
  13. Shravan Bhat, Financing sealed for Cascade Canadian CCGT, IJGlobal, Aug. 30, 2020
  14. Cascade Power Plant Project, Canadian Impact Assessment Registry, Government of Canada, accessed April 2020
  15. 15.0 15.1 15.2 15.3 15.4 15.5 Cascade Power Project Newsletter, July 2018