On July 2, 2026, funds managed by Morgan Stanley Infrastructure Partners (MSIP), the private infrastructure investment platform of Morgan Stanley Investment Management, completed an investment in the Greenlight Electricity Centre, a 932-megawatt gas-fired combined cycle power generation project in Sturgeon County, Alberta, within the Alberta Industrial Heartland. MSIP acquired a 47.5 percent ownership interest in Greenlight from OPTrust, the majority shareholder of project developer Kineticor Asset Management, alongside a positive final investment decision (FID) reached with Pembina Pipeline Corporation.
Following the closing and FID, the resulting ownership of Greenlight is held by MSIP and Pembina at 47.5 percent each, with Kineticor holding the remaining 5 percent interest granted upon FID. Pembina will serve as construction and operations manager for the project, bringing local operating expertise and experience delivering large-scale infrastructure, while Kineticor, the developer behind Greenlight, will continue to provide construction support. Future capital expenditures for the project will be funded equally between Pembina and MSIP. The investment reflects MSIP's continued focus on developing and constructing contracted power assets that help address the structural supply-demand imbalance in North American electricity markets.
Greenlight is expected to provide long-term, reliable power to support growing electricity demand driven by artificial intelligence and data centre growth, and once completed is expected to supply power under a long-term agreement to a major data centre development customer, with commercial operations targeted for the second half of 2030. Santander acted as exclusive M&A and financing advisor to MSIP, while Macquarie Capital acted as exclusive financial advisor to OPTrust and Kineticor.
Bennett Jones LLP acted as Canadian counsel to MSIP, with a team led by David J. Macaulay that included Kristos J. Iatridis, Jason D. Roth, Jie (Kevin) Zhou, Elizabeth K. Dylke, Lauren Carson, Blake Miller, Phillip Hanna, and Amy Verhoeff (M&A); Jessica Kennedy and Thomas Machell (Energy Regulatory); Karen J. Dawson, Taylor Davis, and Xaverie MacLennan (Banking); Greg M. Johnson, Julia Qian Wang, and Zachary Thacker (Tax); Alixe A.L. Cameron, Samantha Lush, and Jessica Munro (Real Estate); Zirjan Derwa (Competition); and Vasilis Pappas and George Reid (Litigation). Kirkland & Ellis LLP acted as US counsel to MSIP. Stikeman Elliott LLP acted as Canadian counsel to Santander.
Blake, Cassels & Graydon LLP acted as counsel to Greenlight. Norton Rose Fulbright Canada LLP acted as counsel to Pembina. Osler, Hoskin & Harcourt LLP advised on the EPC agreements, and McCarthy Tétrault LLP acted as counsel to the lenders.