OPTrust-backed Kineticor buys cogeneration facility for $85 mln
Kineticor Resource Corp has acquired a 32 megawatt cogeneration facility from Tidewater Midstream and Infrastructure Ltd, a Calgary-based provider of midstream energy solutions. Kineticor, a Calgary-based power developer focused on thermal generation, paid $85 million in cash for the facility, which is under construction. Kineticor agreed to supply power and heat to Tidewater's Pipestone Gas Plant once construction is complete. Kineticor is backed by Canadian pension fund manager OPTrust. OPTrust invested $125 million in the business in 2017. Tidewater is a portfolio company of Canadian private equity firm Birch Hill Equity Partners. Birch Hill increased its stake last year as a result of asset purchases from AltaGas Ltd.
25 March 2019•2 mins read
