TC Energy to build its first solar energy project in Canada

Rhea-AI Summary

TC Energy Corporation (NYSE: TRP) is set to initiate pre-construction activities for the $146 million Saddlebrook Solar Project near Aldersyde, Alberta, aiming to generate 81 megawatts of energy—enough to power 20,000 homes annually. Supported by $10 million from Emissions Reduction Alberta, this marks TC Energy's first utility-scale solar project. Construction is expected to be completed in 2023, creating approximately 140 job opportunities during that phase. The project aligns with TC Energy's commitment to low-carbon energy solutions and sustainable development.

Positive

• Investment of $146 million in solar energy supports future revenue growth.
• Saddlebrook Solar Project will generate 81 MW of renewable energy, powering 20,000 homes.
• Creation of about 140 construction jobs and potential for future employment.

Negative

• None.

Future rendering of TC Energy solar farm at Saddlebrook, near Aldersyde, Alta.

CALGARY, Alberta, Oct. 04, 2022 (GLOBE NEWSWIRE) -- News Release -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) will begin pre-construction activities of the Saddlebrook Solar Project located near Aldersyde, Alberta. TC Energy is investing $146 million to build its first Canadian solar power project. It has the capacity to generate 81 megawatts, enough energy to power 20,000 homes annually. The initial construction includes installing solar panels on TC Energy property in the local industrial park.

“This is the first utility-scale solar project to be fully developed and delivered by TC Energy in our history,” said Corey Hessen, TC Energy Executive Vice-President and President, Power & Energy Solutions. “This investment bolsters our ability to deliver low-carbon solutions for our customers and underscores our commitment to add renewable energy to the local electricity grid.”

The project is partially supported by $10 million from Emissions Reduction Alberta. This funding supports developing this hybrid solar generation facility, which when combined with a flow battery energy storage system, will help to reduce greenhouse gas emissions in Alberta.

TC Energy has obtained all regulatory approvals and permits. Construction is expected to be completed in 2023. During the construction phase, about 140 workers are expected to support the project. Once in operation, two full-time TC Energy employees will work at the facility.

"The High River Chamber is excited to see the introduction of diversified energy solutions to our area and the potential for stronger business relationships, contract opportunities and employment possibilities," said Lisa Szabon-Smith, executive director of High River & District Chamber of Commerce. “To see the Saddlebrook area become the home of such a project is exciting for our community."

TC Energy continues to execute, progress and sanction high-quality projects that meet the province’s needs for low-carbon, reliable, and affordable energy. The company has acquired more than 400 MW of renewable power via power purchase agreements in Alberta in the past 24 months. In addition, in April, TC Energy announced plans to explore development of a 60-tonnes-per-day hydrogen production hub near Crossfield, Alberta.

About TC Energy

We’re a team of 7,000+ energy problem solvers working to move, generate and store the energy North America relies on. Today, we’re taking action to make that energy more sustainable and more secure. We’re innovating and modernizing to reduce emissions from our business. And, we’re delivering new energy solutions – from natural gas and renewables to carbon capture and hydrogen – to help other businesses and industries decarbonize too. Along the way, we invest in communities and partner with our neighbours, customers and governments to build the energy system of the future.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

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Media Inquiries:
Hejdi Carlsen / Jennifer Link
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/90315c3b-28e9-4e10-bfc4-5e80df016346

PDF available: http://ml.globenewswire.com/Resource/Download/8d762dd7-6136-42c4-8d88-a76f0b159636

FAQ

What is the Saddlebrook Solar Project by TC Energy?

The Saddlebrook Solar Project is a $146 million initiative by TC Energy to construct its first solar power facility in Canada, generating 81 megawatts of energy.

When will the Saddlebrook Solar Project be completed?

Construction of the Saddlebrook Solar Project is expected to be completed in 2023.

How much energy will the Saddlebrook Solar Project generate?

The Saddlebrook Solar Project will have a capacity to generate 81 megawatts, enough to power 20,000 homes annually.

What financial support is TC Energy receiving for the Saddlebrook Solar Project?

TC Energy is receiving $10 million from Emissions Reduction Alberta to support the development of the Saddlebrook Solar Project.

What company is overseeing the Saddlebrook Solar Project?

The Saddlebrook Solar Project is being developed by TC Energy Corporation, a company listed under the stock symbol TRP.