Update: Cascade Power Project Wins Canadian Power Deal of the Year
The Cascade Power Project, with financing from Siemens Financial Services, has won Project Finance International's Canadian Power Deal of the Year award for 2020.
Read the press release for more information.
In order to reach international climate goals, the transition to a low-carbon economy requires capital from the private financial sector. Providers such as Siemens Financial Services (SFS) – the financing arm of global technology powerhouse Siemens – are committed to enabling this energy transition, selecting projects that aim to reduce the CO2 impact on the environment and promote global health standards.
Siemens, the first major industrial company to go public with its commitment of achieving carbon neutrality by 2030, has significantly reduced greenhouse gas (GHG) emissions in its top five electricity-consuming countries since 2015. In line with Siemens’s overall sustainability initiatives, SFS finances environmentally conscious projects globally by supporting customer efforts to reduce their own carbon footprint and help fight climate change.
The province of Alberta contributes over 50 percent of the Canadian power sector’s overall GHG emissions due to its heavy reliance on coal-fired electricity. Recently, SFS provided a tailored financing solution to support an agreement between Siemens Energy and Kineticor, a developer of clean energy projects within Canada, to provide technology, equipment, and long-term services for the 900MW Cascade Power Plant in Edson, Alberta.
The Cascade Power Plant is expected to begin operations in 2023 and will help reduce Alberta’s carbon emissions by approximately five percent while providing lower emission and vastly effective electricity for up to eight percent of the province’s demand. This project not only aids Canada in meeting its decarbonization goals through the elimination of all coal-fired electricity by December 2029, but also falls directly within the sustainable development initiatives of Siemens.
By: Anthony Casciano, CEO, SFS, Inc.