This is behind-the-meter gas. It does not add AESO megawatts in 2026
Pembina Pipeline Corporation (TSX: PPL, NYSE: PBA), Morgan Stanley Infrastructure Partners, and Kineticor Asset Management announced July 2 a positive final investment decision on the Greenlight Electricity Centre in Sturgeon County. The plant is 932 megawatts of combined-cycle gas generation dedicated to a data-centre customer. In-service is the second half of 2030. The site is permitted to 1,864 megawatts if a second phase proceeds.
Greenlight is owned 47.5 percent by Pembina, 47.5 percent by MSIP, and 5 percent by Kineticor. Class III capital cost is about $4 billion, or about $2 billion net to Pembina. Including interest during construction, Pembina put total project cost at about $4.6 billion, or about $2.3 billion net, and about $2.1 billion after $190 million of land-sale proceeds. About 85 percent of cost is under fixed-price agreements, including Siemens turbines and an Aecon and Tecnicas Reunidas EPC package. Run-rate adjusted EBITDA is expected at about $310 million net to Pembina.
The plant needs about 150 million cubic feet per day of gas. Greenlight said it has secured long-term transportation on Alliance Heartland Expansion and NGTL. The commercial deal is a tolling electrical energy supply agreement. That matches Pembina's fee-based midstream model. It is the same Alberta 'bring your own power' frame as Capital Power's 250-megawatt Meta contract, which is still a 2028 in-service story.
Neutral read
PPL is on the listed midstream list. Banks were skipped. 932 megawatts, a 2030 in-service target, and about $2.1 billion net to Pembina are the facts. Write this as contracted data-centre power, not as 2026 AESO capacity. Watch construction spend in 2028 to 2030 and whether a second 932-megawatt phase is sanctioned.