The Alberta facility would divert solid waste otherwise headed to the City of Edmonton’s landfill and incinerate it to create electricity
.A company proposing to use carbon capture and storage technology to create clean electricity from landfill waste has become the second to secure a carbon price backstop contract through the Canada Growth Fund., a publicly traded company that operates crude oil pipelines and crude oil storage terminals in North America, is developing what would be Canada’s first waste-to-energy facility with carbon capture technology.
Under the terms of the deal, Gibson would own 50 per cent of the project, while the Canada Growth Fund would have a 40 per cent stake. Varme Energy, the Canadian subsidiary of Norwegian-based Varme Energy AS, will be involved in the development and construction of the project and will own the remaining 10 per cent stake.
Proponents of carbon capture and storage, a process which traps harmful emissions from industrial processes and stores them safely underground, say these types of contracts remove some of the risk of investing in pricey emissions-reducing technology. They ensure companies will still be able to make money even if the existing industrial carbon price structure changes or is eliminated.
The Gibson Energy project is the fund’s fourth investment and the second project to be awarded a carbon contract for difference. Charbonneau said the Canada Growth Fund expects to have additional deals to announce in the coming months.
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