Torys deal named North America Power Deal of the Year by Proximo Infra
Torys is proud to announce an infrastructure deal we advised on has been recognized by Proximo Infra as the 2020 North America Power Deal of the Year.
The awards seek to honour the most innovative, market influencing transactions within project financing over the past year.
Torys acted as legal counsel to the Cascade Power (Kineticor/Macquarie Capital/OPTrust) partnership on construction, financing and operational aspects of the development of the C$1.5 billion Cascade Power Project (Cascade), a 900 MW combined cycle natural gas-fired power generation facility in Yellowhead County near Edson, Alberta.
The project will be located on crown lands on a 52-hectare site and will have the capacity to supply over 8% of the province’s average electricity demand. The facility will utilize modern, highly efficient industrial turbines, fueled by natural gas, and will commence operations in 2023.
Cascade will lead the transition to a lower carbon intensive power grid in Alberta by supporting the province’s transition off coal-fired power. With Alberta contributing over 50% of Canada’s greenhouse gas emissions from electricity generation, Cascade is expected to result in one of the largest emissions reduction opportunities in the country’s electricity sector.
Cascade will additionally benefit the local community with more than three million work hours of labour required for construction, creating approximately 600 jobs during peak construction as well as 25 long-term jobs during operation.