TC Energy Seeking Renewable Energy to Power Pipelines
TC Energy Corporation is seeking, through a Request for Information (RFI), to identify potential contract and/or investment opportunities in wind energy projects that could generate up to 2,500,000 megawatt hours per year or 620 megawatts of zero-carbon energy to meet the electricity needs for a portion of its pipeline assets along its U.S. corridor.
The RFI is an important step in advancing the company’s plans to leverage its power business as a platform for future growth and diversification, building on 20 years of expertise and total assets of $100 billion, said Corey Hessen, TC Energy Senior Vice-President and President, Power and Storage.
“We are exploring opportunities to electrify and use renewable energy to power certain TC Energy proprietary energy loads,” said Hessen, adding that the company is evaluating options to invest directly in renewable projects where possible. “Ultimately, our goal is to leverage our existing asset base to add more renewable generation into our portfolio and the broader market, resulting in a net reduction of emissions across our North American footprint.”
TC Energy owns or has interests in seven power generation facilities in four Canadian geographies with combined capacity of approximately 4,200 megawatts — enough to power more than four million homes.
The RFI, issued by Marathon Capital on behalf of TC Energy, is non-binding and does not commit TC Energy to any further action if the indicative terms received pursuant to the RFI are not satisfactory.
The RFI is open until May 10 and will be issued to approximately 100 renewable development companies to identify suitable wind energy projects across the Southwest Power Pool (SPP), Midwest Independent System Operator (MISO) and Electric Reliability Council of Texas (ERCOT) power regions. RFI responses received will be reviewed and a shortlist of parties will be invited to move to a request for proposal (RFP) process during which TC Energy will conduct detailed due diligence of the projects. All participants must direct their inquiries through Marathon.
For more information, click here.
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