Morgan Stanley Infrastructure Partners Announces Investment in Greenlight Electricity Centre

NEW YORK--(BUSINESS WIRE)--Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today 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 (Pembina), and Kineticor Asset Management (Kineticor) 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.

“Greenlight is a compelling opportunity that aligns closely with MSIP’s strategy – investing in critical infrastructure assets with long-term offtake alongside strategic partners,” said Chris Ortega, Head of Americas for MSIP. “We are proud to partner with Pembina and Kineticor to begin construction on this landmark project and look forward to supporting Alberta’s emergence as a significant data center hub.”

Santander acted as exclusive M&A and Financing advisor to MSIP on the transaction. Kirkland & Ellis and Bennett Jones acted as legal counsel to MSIP.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested in a diverse portfolio across transportation, digital, energy transition, and water & waste. MSIP targets assets that provide essential public goods and services with the potential for value creation through active ownership. For further information about Morgan Stanley Infrastructure Partners, please visit Morgan Stanley Infrastructure Partners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.9 trillion in assets under management or supervision as of March 31, 2026. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.