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 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.
Gibson said Tuesday it has reached a deal with the $15-billion federal Canada Growth Fund that will help it accelerate the development of the project.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.
If successful, company officials said, the project would be located on Gibson land in the Industrial Heartland area, east of Edmonton. It would have the capability to process 200,000 tonnes of municipal solid waste each year.Energy minister defends carbon capture as Alberta project gets cancelled over cost
The Gibson Energy project is the fund's fourth investment and the second project to be awarded a carbon contract for difference.
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