Resource Corp. closed financing on the $1.5-billion Cascade Power Project

On Aug. 27, 2020, Kineticor Resource Corp., together with joint development sponsors Macquarie Capital and OPTrust and project sponsors OPTrust, Axium Infrastructure and DIF Capital Partners, successfully closed financing on the $1.5-billion Cascade Power Project.

Cascade is a 900-megawatt combined cycle natural gas fired generating facility located near Edson, Alta. Cascade will lead the transition to a lower carbon intensive power grid in Alberta by transitioning off coal-fired power and creating low emissions electricity that is expected to supply more than eight per cent of Alberta’s average demand. Cascade is anticipated to result in one of the largest emission reductions in Canada’s electricity sector.

Osler Hoskin & Harcourt LLP advised Kineticor Resource Corp., an Alberta-based developer and manager of clean power projects across Canada specializing in projects with an environmental and economic advantage, with a team led by
Lorne Carson,
and consisting of
Allan Morgan (corporate),
Elliot Smith (commercial),
Martin Ignasiak (regulatory, environmental, Aboriginal and land),
Dana Saric (financial services).

Torys LLP served as legal advisor to the sponsors.

McCarthy Tétrault LLP advised the lenders.

Press release: https://www.osler.com/en/expertise/deals-cases/kineticor-resource-corp