Morgan Stanley Investment Management announced that funds managed by Morgan Stanley Infrastructure Partners have invested in Greenlight Electricity Centre. Greenlight is a 932-megawatt gas-fired combined cycle power generation project in Sturgeon County, Alberta.
MSIP is investing alongside Pembina Pipeline Corporation and Kineticor Asset Management to support the project’s construction. MSIP and Pembina will each hold a 47.5% ownership interest in Greenlight, while Kineticor will hold the remaining 5%.
The investment aligns with MSIP’s focus on developing and constructing contracted power assets. The firm said Greenlight is designed to help address structural supply-demand imbalances in North American electricity markets.
Greenlight is expected to provide long-term, reliable power to support rising electricity demand. MSIP said this demand is being driven in part by artificial intelligence and data center growth.
Once completed, Greenlight is expected to supply power under a long-term agreement to a major data center development customer. The customer is constructing a co-located data center campus.
The project is expected to use high-efficiency combined-cycle gas turbine technology. Greenlight is expected to begin supplying power in the second half of 2030.
Pembina will serve as construction and operations manager for the project. The company will bring local operating expertise and experience delivering large-scale infrastructure projects.
Kineticor, the developer behind Greenlight, will continue providing construction support. MSIP said the partnership with Pembina and Kineticor will support construction of a landmark power project in Alberta.
Santander acted as exclusive M&A and financing advisor to MSIP on the transaction. Kirkland & Ellis and Bennett Jones served as legal counsel to MSIP.
Morgan Stanley Infrastructure Partners is a global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested across transportation, digital, energy transition, and water and waste infrastructure.
KEY QUOTE:
“Greenlight is a compelling opportunity that aligns closely with MSIP’s strategy – investing in critical infrastructure assets with long-term offtake alongside strategic partners. We are proud to partner with Pembina and Kineticor to begin construction on this landmark project and look forward to supporting Alberta’s emergence as a significant data center hub.”
Chris Ortega, Head of Americas for MSIP
