Joint Cory Cogeneration Project Financed
Gateway To North America's Electrical Industry -
Toronto, ON -- ATCO Power Ltd. and SaskPower International Inc. have announced the completion of a $182 million bond financing for the Cory Cogeneration Project. The 228-megawatt (MW) project is under construction at the Potash Corporation of Saskatchewan's (PCS) Cory Mine near Saskatoon. The $227 million project is being developed through a joint venture between ATCO Power and SaskPower International. Construction of the project began in March of this year and the facility is expected to be fully operational by November 2002.
RBC Dominion Securities and BMO Nesbitt Burns underwrote the bonds which have been rated A(low) by Dominion Bond Rating Service. Project bonds were placed with institutional investors in Canada and in the United States. The financing has a 24-year term.
SaskPower will purchase the electricity generated by the project to meet future energy needs, while the thermal energy will be sold to PCS-Cory for use in its processes at the site.
Tony Pullman, Vice President, Finance & Administration of ATCO Power said, "This financing demonstrates the growing appetite for and acceptance of Canadian project bonds in both Canada and the U.S."
ATCO Power is a world leader in the development of environmentally progressive electricity generation facilities. It has built, owns and operates power plants in Canada, the United Kingdom and Australia. It has built eight new natural gas fired projects worldwide since 1993, with a total capacity of 2,000 MW, and has four more projects under construction in Alberta. ATCO Power also operates three coal-fired generating stations in Alberta with a capacity of over 1,600 MW.
SaskPower International is a wholly owned subsidiary and the development arm of SaskPower. SaskPower has an installed capacity of 2,980 MW and maintains more than 150,000 kilometres of power lines. The corporation operates three coal-fired generating stations, seven hydro stations and four natural gas stations.
Related News
Electricity retailer Griddy's unusual plea to Texas customers: Leave now before you get a big bill
DALLAS - Some retail power companies in Texas are making an unusual plea to their customers amid a deep freeze that has sent electricity prices skyrocketing: Please, leave us.
Power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.
“We made the unprecedented decision to tell our customers — whom we worked really hard to get — that they…
