Morgan Stanley Infrastructure Partners Announces Investment in Greenlight Electricity Centre

Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, announced an investment in Greenlight Electricity Centre, a 932-megawatt gas-fired combined cycle power generation project in Sturgeon County, Alberta. MSIP is investing alongside large-cap company, Pembina Pipeline Corporation (Pembina), and Kineticor Asset Management (Kineticor) to support the construction of the project. MSIP and Pembina will each hold a 47.5% ownership interest in Greenlight, with Kineticor holding the remaining 5%.

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The investment reflects MSIP’s continued thematic 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 center growth.

Once completed, Greenlight is expected to supply power under a long-term agreement to a major data center development customer constructing a co-located data center campus. The project is expected to utilize high-efficiency combined-cycle gas turbine technology and is expected to begin supplying power in the second half of 2030.

Pembina will serve as construction and operations manager for the project, bringing local operating expertise and experience delivering large-scale infrastructure projects. Kineticor, the developer behind Greenlight, will continue to provide construction support.

“Greenlight is a compelling opportunity that aligns closely with MSIP’s strategy – investing in critical infrastructure assets with long-term offtake alongside strategic partners,” said Chris Ortega, Head of Americas for MSIP. “We are proud to partner with Pembina and Kineticor to begin construction on this landmark project and look forward to supporting Alberta’s emergence as a significant data center hub.”

Santander acted as exclusive M&A and Financing advisor to MSIP on the transaction. Kirkland & Ellis and Bennett Jones acted as legal counsel to MSIP.

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