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Morgan Stanley Infrastructure Partners (MSIP), through funds it manages, has invested in Greenlight Electricity Centre, a 932-megawatt gas-fired combined cycle power generation project to be built in Sturgeon County, Alberta, within the Alberta Industrial Heartland. MSIP is investing alongside Pembina Pipeline Corporation and Kineticor Asset Management, the project's original developer. Following the transaction, MSIP and Pembina will each hold a 47.5 percent ownership interest in Greenlight, with Kineticor retaining the remaining 5 percent. The interest acquired by MSIP was sold by OPTrust, Kineticor's majority shareholder.
Concurrent with closing, the partners announced a positive final investment decision on the project and completed project financing to support its estimated development cost. The Greenlight Electricity Centre will supply power under a long-term tolling agreement to a major data centre customer, reported to be Meta Platforms, which is separately advancing a large co-located data centre campus in Alberta. The facility is expected to use high-efficiency combined-cycle gas turbine technology and begin supplying power in the second half of 2030. Pembina will serve as construction and operations manager for the project, while Kineticor continues to provide construction support and lead future expansion opportunities.
Parties
Company
Morgan Stanley Infrastructure Partners (MSIP)
Company
Greenlight Electricity Centre Limited Partnership
Company
Pembina Pipeline Corporation
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 4,600,000,000Deal Status
ClosedClosing Date
02 July 2026