THE APEX TIMES
Morgan Stanley Infrastructure Partners to back 932-MW Alberta “Greenlight” power project aimed at data center demand
Morgan Stanley Investment Management, through its private infrastructure arm, said it will invest in a gas-fired combined-cycle electricity project in Sturgeon County, Alberta, alongside Pembina Pipeline and Kineticor Asset Management.
Morgan Stanley Investment Management said its private infrastructure platform is investing in a new Alberta power project designed to serve long-term electricity needs tied to expanding data center development. The company announced the move through Morgan Stanley Infrastructure Partners, describing the investment as part of a broader strategy focused on building and owning contracted power assets amid tight supply-demand conditions in North America’s electricity markets.
The project, called Greenlight Electricity Centre, is planned as a 932-megawatt gas-fired combined-cycle power generation facility in Sturgeon County. Combined-cycle plants use both gas turbines and steam turbines to improve efficiency by capturing energy from the heat produced during electricity generation, a feature that can improve output and operating economics relative to single-cycle designs.
Under the ownership structure outlined in the announcement, Morgan Stanley Infrastructure Partners and Pembina Pipeline each will hold a 47.5% interest in Greenlight, while Kineticor Asset Management will own the remaining 5%. Morgan Stanley said Pembina will serve as construction and operations manager for the project, and it said Kineticor will continue to provide construction support as the development progresses.
Morgan Stanley also said the investment reflects its thematic focus on developing and constructing power assets that are contracted for the long term. The firm tied the rationale to what it characterized as a structural electricity supply-demand imbalance in North American markets, alongside growth in electricity demand linked to artificial intelligence and data center activity.
The company said Greenlight is expected to provide power under a long-term agreement to a major data center development customer building a co-located data center campus. It added that the project is expected to begin supplying power in the second half of 2030, subject to the usual permitting, construction, and project-completion milestones.
Industry background can help explain the approach. As data center operators seek large, reliable loads, electricity procurement increasingly gravitates toward projects with long-dated offtake arrangements, because they can reduce the risk of supply shortages and help utilities or developers secure capacity. For infrastructure investors, those contracted frameworks can also make future cash flows more predictable than purely merchant generation, although final economics depend on contract terms and regulatory outcomes.
Morgan Stanley did not disclose, in the announcement, the total project cost, the size of its specific investment dollars, or the detailed commercial terms of the long-term power agreement, including price structure and contract duration. It also did not name the data center customer in the announcement, and it did not spell out any specific regulatory approvals that have already been secured.
Looking ahead, investors and project stakeholders will likely focus on permitting progress, construction milestones, and the finalization of the long-term supply agreement terms. The 2030 start date is a key marker, and the ability to deliver on schedule will determine whether the new capacity aligns with the pace of data center-driven demand growth in Alberta and beyond.
Why It Matters
- The deal indicates continued investor appetite for contracted power capacity that can support load growth from data centers and other high-demand users.
- By backing a combined-cycle facility intended for a long-dated offtake, Morgan Stanley Infrastructure Partners is leaning into a segment of infrastructure where revenue visibility can be higher than merchant generation.
- The 2030 supply timeline highlights the multi-year horizon infrastructure investors are adopting to match electricity additions with expected demand growth.
- If delivered as planned, Greenlight would add substantial generating capacity to Alberta, potentially affecting how regional planners and buyers manage future power availability.
Sources
Key Facts
- Morgan Stanley Investment Management, through Morgan Stanley Infrastructure Partners, announced an investment in Greenlight Electricity Centre.
- Greenlight is a 932-megawatt gas-fired combined-cycle power project in Sturgeon County, Alberta.
- Ownership is split with MSIP holding 47.5% and Pembina Pipeline holding 47.5%, with Kineticor Asset Management holding 5%.
- Morgan Stanley said the project is expected to begin supplying power in the second half of 2030 under a long-term agreement to a major data center development customer.
- Morgan Stanley said Pembina will be construction and operations manager, and Kineticor will continue to provide construction support.
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