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TC Energy closes equity investment in hydro energy storage project

Source: 
Financial Services Monitor Worldwide

TPG is the developer and owner of the pumped hydro energy storage facility called Canyon Creek project.

Financial details of the investment have not been divulged by both companies.

WindRiver president and CEO Kipp Horton said: We are excited to be joined by TC Energy in advancing the Canyon Creek Project to its commencement of construction, which we anticipate by years end.

TC Energys outstanding reputation, financial strength and intimate working knowledge of the Alberta electricity market make it an ideal complement to WindRivers expertise in hydro plant construction and operation.

With an initial capacity of 75MW, the Canyon Creek projects generating ability can be increased to 400MW.

Located near Hinton, Alberta, the project makes use of existing site infrastructure of a decommissioned open-pit coal mine.

The company noted that the pumped hydro energy storage will have the capacity to supply up to 37 hours of on-demand clean energy and ancillary services to the Alberta electricity grid.

Additionally, the project secured approval from Alberta Utilities Commission as well as obtained approval from the Alberta Government for hydro projects under the Canyon Creek Hydro Development Act.

TC Energy power and storage and Mexico chief operating officer and president Franois Poirier said: We are looking forward to working with TPG and adding the Canyon Creek Project to our growing portfolio of energy storage prospects, says

We believe that large-scale, long-duration and strategically-sited energy storage is the key to unlocking the full potential of renewable energy and moving towards a lower carbon footprint in Albertas electricity grid.

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