Kineticor

What Kineticor does

Kineticor Resource Corp. is a Calgary-based privately held asset manager, developer, and operator of power generation facilities in Canada, founded in 2013 by Andrew Plaunt and Michael Funk. The company's operating portfolio comprises the 932 MW Cascade Power Project, a combined cycle natural gas facility in Yellowhead County, Alberta (commissioned 2024, $1.5 billion capital cost, utilizing Siemens SGT6-8000H power trains) and the 32 MW Pipestone Power Project, a cogeneration facility at AltaGas' 100 MMcf/day Pipestone gas plant in northwestern Alberta. Combined operating capacity is 964 MW; the wider management portfolio (including assets under development) exceeds 2,700 MW.

Kineticor's technology stack is centered on combined cycle gas turbine generation with carbon-capture-ready design and cogeneration via waste heat recovery units. The proposed Greenlight Electricity Centre, a 1,864 MW combined cycle facility being developed in joint venture with Pembina Pipeline Corporation (announced February 2025, FID targeted Q2 2026, commercial operations targeted 2029), introduces a dedicated data center customer focus and four-module phased development of approximately 466 MW each.

Kineticor generates revenue through long-term power purchase agreements and on-site cogeneration arrangements with utilities, industrial hosts, and (prospectively) data center operators. Key contracts include a 20-year PPA with SaskPower, a cogeneration arrangement with AltaGas, and a multi-year gas supply agreement with Baytex Energy. The Cascade Power Project is owned by a consortium including OPTrust, Axium Infrastructure, DIF Capital Partners, and a six-First Nations syndicate administered through the Alberta Indigenous Opportunities Corporation, providing institutional scale capital and ESG positioning. Co-founder Andrew Plaunt serves as CEO (with prior success divesting Kineticor Renewables to Algonquin Power in 2011), Michael Funk as President, Philip Hughes as Chairman, with board representation from OPTrust and senior operational leadership under EVP Raymond McKay.

Name

Kineticor

Legal name

Kineticor Resource Corp.

Website

https://kineticor.ca

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Kineticor is a Calgary-based private developer, owner, and operator of utility-scale power generation facilities in Canada, with 964 MW operating (Cascade 932 MW, Pipestone 32 MW) and 1,864 MW in development (Greenlight Electricity Centre JV with Pembina) targeting utilities, industrial hosts, and data centers under long-term PPAs and cogeneration arrangements.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

akta.pro secondary industries

Gas-Fired Power Plant O&M and Life-Extension/Repowering Services (EUACABAJ), Gas-Fired Combined-Cycle with Carbon Capture (CCGT+CCS/CCUS) (EUACABAE), Gas Turbines (Industrial & Utility-Scale) (IMAHAFAA), Industrial Boilers, HRSGs & Steam Generators (IMAHAFAF)

Keywords

• Combined cycle power generation
• Natural gas cogeneration
• Merchant power development
• Carbon capture ready facilities
• Power purchase agreements

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Generation and Sales: Generate and sell electricity through owned power generation facilities. Revenue derived from long-term power purchase agreements (PPAs) with utilities and industrial customers. Cascade Power Project commenced operations in 2024 with 932 MW capacity.
2. Data Center Power Supply: Supply power directly to data center operators through dedicated generation facilities like the Greenlight Electricity Centre joint venture with Pembina
3. Cogeneration Services: Provide combined heat and power to industrial facilities like AltaGas Pipestone gas plant, selling both electricity and thermal energy

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Kineticor develops, owns, finances, and operates natural gas-fired combined cycle and cogeneration power generation facilities in Western Canada. The company sells electricity and thermal energy under long-term power purchase agreements and on-site supply arrangements to electric utilities (SaskPower, Alberta grid), industrial hosts (AltaGas), and data center operators (via the Pembina joint venture Greenlight Electricity Centre). Operationally active generation totals 964 MW, with an additional ~1,800 MW in active development targeting AI/data center demand and the transition off coal.

Product overview

Kineticor operates as an asset manager, developer, and operator of power generation facilities across Canada, managing a portfolio exceeding 2,700 MW. The company's operational portfolio includes the Cascade Power Project (932 MW combined cycle gas facility commenced in 2024) and the Pipestone Power Project (32 MW cogeneration facility commenced in 2020). The company is developing the Greenlight Electricity Centre (1,864 MW proposed combined cycle facility with carbon capture option) in partnership with Pembina Pipeline to serve data centre demand in Alberta. The company facilitates the energy transition utilizing natural gas while supporting decarbonization goals.

Differentiator

Problem solved

Functional benefit

Products and services

• Cascade Power Project A 932 MW combined cycle natural gas-fired generating facility located approximately 12 km southwest of Edson, Alberta in Yellowhead County, using four Siemens SGT6-8000H 1x1 power trains. Produces approximately 62% less CO2 per MWh than existing coal-fired generation and supplies over 8% of Alberta's average electricity demand under long-term PPAs with Alberta utilities.
• Pipestone Power Project A 32 MW cogeneration facility providing combined heat and power to AltaGas' 100 MMcf/day Pipestone gas plant in northwestern Alberta (Montney region). Uses two Solar Titan 130 gas turbine generators with waste heat recovery units (WHRUs) to supply both electricity and useful thermal energy to the host facility.
• Greenlight Electricity Centre A 1,864 MW proposed combined cycle power generation facility with carbon capture ready design, being co-developed by Kineticor and Pembina Pipeline Corporation in Alberta's Industrial Heartland to supply sustainable, reliable electricity to data center operators (AI infrastructure, cloud computing facilities). To be built in modular phases of approximately 466 MW each.

Quantifiable outcome

• Cascade Power Project produces approximately 62% less CO2 equivalent per MWh than existing coal-fired generation
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• Pembina Pipeline CorporationcoreStrategic or Co-development Partner · 27 February 2025Joint venture partnership for Greenlight Electricity Centre - a proposed 1,864 MW gas-fired combined cycle power generation facility with carbon capture optionality. The facility will supply sustainable and reliable power for Alberta's growing data center industry. Final investment decision expected by end of Q2 2026.
• AltaGascoreStrategic or Co-development PartnerHost partner for Pipestone Power Project. AltaGas is responsible for operations and maintenance of the 32 MW cogeneration facility at their 100 MMcf/day Pipestone gas plant in northwestern Alberta.
• SaskPowercoreStrategic or Co-development Partner20-year power purchase agreement secured with SaskPower to support construction of Shaunavon flare gas to power projects in Saskatchewan. Partnership for developing power generation using flare gas.
• Shell Energy North America CanadamajorStrategic or Co-development PartnerPartnered with Shell for re-development of the Three Creeks Power Project into a 652 MW combined cycle facility. Three Creeks was later divested to TransAlta.
• Baytex EnergymajorStrategic or Co-development PartnerMulti-year gas supply agreement with Baytex for gas conservation strategy, utilizing Kineticor's flare gas to power expertise.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Others

• SaskPower: Saskatchewan Crown corporation and Kineticor's 20-year PPA counterparty for the Shaunavon flare gas project. Included as an ecosystem participant rather than a competitor — SaskPower is both a customer and a generation peer in Western Canada.
• Pembina Pipeline Corporation: Kineticor's JV partner for the Greenlight Electricity Centre and one of Canada's largest midstream energy companies. Included as a strategic ecosystem partner rather than a direct competitor, but its infrastructure footprint and customer base materially overlap Kineticor's served market.

Direct peers

• Maxim Power Corp. Alberta-focused independent power producer operating the 520 MW H.R. Milner CCGT facility. Directly comparable as a small-cap Alberta CCGT operator with similar customer base (utilities and merchant power) and exposure to the coal-transition narrative.
• Capital Power Corporation: Calgary-based independent power producer with a CCGT-heavy fleet serving Alberta and other North American markets. Directly comparable in technology (gas-fired combined cycle), geography, customer base (utilities and merchant), and the coal-to-gas transition thesis Kineticor is executing on.
• TransAlta Corporation: Calgary-based IPP and renewable energy developer. TransAlta acquired Kineticor's Three Creeks project (2019, $84M), making it a direct comparable — and historically a transaction counterparty — in Alberta CCGT development and operations.
• Heartland Generation: Alberta-based IPP operating a portfolio of natural gas and coal-to-gas facilities, formed from ATCO Power and now owned by Energy Capital Partners. Directly comparable in geography (Alberta), fuel mix, and customer base (Alberta utilities).

Broad incumbents

• ATCO Ltd. Alberta-headquartered diversified energy and infrastructure company with historical power generation exposure (ATCO Power). Comparable as a Western Canadian energy infrastructure operator with similar customer profiles, though broader in scope.
• Northland Power Inc. Toronto-based independent power producer with natural gas, wind, and offshore wind assets across North America and globally. Comparable as a CCGT developer/operator pursuing similar offtake structures with utilities and large industrial customers.
• EPCOR Utilities Inc. Edmonton-based utility with generation and water/wastewater operations across North America. Comparable as a Western Canadian power generation operator serving regulated utility and industrial customers in Alberta.
• ENMAX Corporation: Calgary-based vertically integrated utility with generation, transmission, and retail operations. Comparable as a Calgary-headquartered power generator serving Alberta utilities and industrial customers, though ENMAX operates across the full value chain rather than as a pure IPP.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kineticor-resource-corp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kineticor