This is a long-dated growth catalyst; monitor construction milestones and potential expansion phases. The project strengthens Pembina's fee-based cash flows and diversifies into data centre power, but will not contribute to earnings until 2030.
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Executive Summary
Pembina Pipeline announced a positive final investment decision on the Greenlight Electricity Centre, a 932 MW gas-fired power plant to serve a major data centre development in Alberta. Pembina's net investment is approximately $2.1 billion, with expected annual run-rate adjusted EBITDA of $310 million net to Pembina. The project is expected in-service in the second half of 2030 and aligns with Pembina's strategy to capture volumes and catalyze new demand platforms.
Key Facts
- GLEC is a 932 MW combined cycle gas-fired power plant to serve a data centre customer under a long-term tolling agreement.
- Pembina's total net investment is approximately $2.1 billion, including land sale proceeds of $190 million.
- Expected annual run-rate adjusted EBITDA of approximately $310 million net to Pembina.
- Approximately 85% of project costs secured under fixed price EPC and turbine agreements.
- Anticipated in-service date in the second half of 2030.
- Pembina owns 47.5% of Greenlight; project financed 60% debt, 40% equity with $1 billion equity contribution from Pembina.
Financial Impact
Pembina will invest ~$2.1B net for a project expected to generate ~$310M annual EBITDA (about 15% return on invested capital) starting in 2030.
Risk Factors
- Project execution risk: 15% of costs not fixed priced, potential delays or cost overruns.
- Regulatory and environmental approvals obtained but future changes may impact operations.
- Reliance on data centre customer demand and AI/cloud growth trajectory.
- Financing risk: equity contributions in 2028-2030 depend on capital markets conditions.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001546066-26-000045 |
| Document: july22026form6-kcover.htm | 0001546066-26-000045 |
| Document: 0001546066-26-000045-index-headers.html | 0001546066-26-000045 |
| Document: 0001546066-26-000045-index.html | 0001546066-26-000045 |
| Document: 0001546066-26-000045.txt | 0001546066-26-000045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Institutional Cluster | $48.34 $47.64 | ▼ −1.45% | ▼ −0.95% | $45.89 (−5.07%) |
Jul 8, 2026 12w ago | 6-K | $47.95 $50.96 | ▲ +6.28% | ▲ +6.41% | $45.89 (−4.30%) |
Jul 2, 2026 13w ago | 6-K | $46.44 $47.95 | ▲ +3.25% | ▲ +2.32% | $45.89 (−1.18%) |
Mar 26, 2026 27w ago | 6-K | $45.69 $44.62 | ▼ −2.34% | ▼ −3.98% | $45.89 (+0.44%) |
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