CIB’s $283.5 M for Alberta line
The $283.5 million loan will help advance the 130 km high-voltage line necessary to strengthen the reliability of the grid and increase access to renewable generation.
Image for illustration purposes.
Canada, Calgary: The Canada Infrastructure Bank (CIB) is providing Alberta electricity transmission companies AltaLink and ATCO Electric with financing to construct a transmission line in the counties of Red Deer, Lacombe and Stettler. The $283.5 million loan will help advance the 130 km high-voltage line necessary to strengthen the reliability of the grid and increase access to renewable generation. It might save Alberta ratepayers $135 million over the 30-year financing.
According to the Alberta Electric System Operator (AESO), the project is required to relieve congestion and distribution capabilities. The Central East Transfer-Out project will supply over 750 MW to the grid. New infrastructure will help to alleviate grid congestion and unlock the capacity for new renewable energy sources to come online to reduce the province’s GHG emissions.
The loan will enable the construction and operationalization of new infrastructure at a lower financing cost. It is CIB’s first investment in transmission under its $10 billion Clean Power priority sector, dedicated to addressing financing gaps in projects such as renewables, transmission, district energy systems and energy storage.
“Our partnership with AltaLink and ATCO will help future proof Alberta’s transmission grid – increasing the amount of available power and enhancing power reliability,” said Ehren Cory, Chief Executive Officer, Canada Infrastructure Bank.
“With the support of the CIB, we are reducing the cost to our customers for this important electrical infrastructure, while strengthening the system and increasing access to renewable energy sources,” commented Gary Hart, President and Chief Executive Officer, AltaLink.
“The Central East Transfer-Out project will underpin Alberta’s growing economy by addressing future electricity availability and augmenting resiliency. Adding 750 MW to our grid will meet this increasing demand while helping to enable a modernized system that can more readily accommodate renewable generation projects,” added Melanie Bayley, President, ATCO Electric.
Source: CIB
#Alberta#AltaLink#ATCO Electric#Canada#Canada Infrastructure Bank#transmission line