Pembina Pipeline Corp (PBA) News & EventsPBAPembina Pipeline Corp

Morgan Stanley Invests in 932 MW Power Project

Morgan Stanley Investment Management (MS), through investment funds managed by Morgan Stanley Infrastructure Partners 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 (PBA), and Kineticor Asset Management 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%. 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.

Pembina Signs Energy Infrastructure Agreement with Canadian Government

Pembina Pipeline Corporation announced that it has entered into a non-binding Heads of Agreement with the Government of Canada, the Province of Alberta, Trans Mountain Corporation, and Alberta Petroleum and Marketing Commission, to participate in a proposed nation-building energy infrastructure initiative intended to strengthen Canada's energy transportation network and expand market access for Canadian crude oil. Pembina will contribute its development and execution expertise to a multi-stakeholder initiative connecting Canadian energy to global markets. Pembina's participation remains subject to satisfaction of certain conditions. The HOA contemplates the development of a new approximately one million barrel per day crude oil pipeline system connecting Alberta to Canada's West Coast, and a related export terminal. The proposed pipeline will leverage the existing Trans Mountain pipeline right of way, also known as the southern route. The Project is being advanced as a national priority that brings together the Government of Canada, the Province of Alberta, Indigenous partners, and industry. Under the framework in the HOA, the Project would be held through a development company jointly owned by the Government of Canada, the Province of Alberta, and Pembina, with a working interest to be reserved for Indigenous partners to acquire at commercial operations. Pembina's economic interest through construction will be 10 percent with the opportunity for up to an additional 10 percent once the Project enters commercial operation. Trans Mountain Corporation will serve as the lead Project proponent, responsible for construction of the Project, the regulatory process, stakeholder and Indigenous engagement, and subsequent operation of the asset. "The Project represents a once-in-a-generation opportunity to advance nation-building energy infrastructure that strengthens Canada's economy and expands access to global markets for Canadian energy," said Scott Burrows, President and Chief Executive Officer of Pembina. "We are proud to bring our development and execution expertise to a project of this national significance. Our participation will be evaluated through the same disciplined lens we apply to every capital decision. We have approached our involvement in a way that is measured, that preserves our financial flexibility, and that incorporates meaningful protections - so that any participation remains consistent with our financial guardrails and creates durable value for our shareholders."