Kineticor

About Kineticor

Kineticor, established in 2013, operates as a key developer, manager, and owner of power generation facilities throughout Canada, with its headquarters in Calgary, Alberta. The company was co-founded by Andrew Plaunt, who serves as CEO, and Michael Funk, the current President. Plaunt's background includes the successful development and sale of Kineticor Renewables, a wind energy company, to Algonquin Power in 2011. Funk's experience is rooted in finance and accounting, having worked at RBC and BDO Canada, and he holds a Chartered Accountant designation.

The firm's business model centers on developing, owning, and operating power generation facilities, providing customized and reliable on-site power solutions. Kineticor makes its revenue by delivering electricity to the Canadian power grid and through long-term energy service and gas supply agreements with its partners. The company specifically seeks partnerships with corporate entities that require power expertise and capital for project development. Its client base includes industrial consumers and provincial power grids, with notable partners like Peyto Exploration and Development, Mitsubishi's subsidiary Cutbank Dawson Gas Resources, and Tidewater Midstream.

Kineticor's portfolio features large-scale, high-efficiency natural gas-fired power plants. A flagship project is the 900 MW Cascade Power Project, which commenced operations in 2024. This C$1.5 billion facility uses combined-cycle technology, which employs both a gas and a steam turbine to generate up to 50% more electricity from the same fuel compared to simple-cycle plants. The Cascade project is designed to supply over 8% of Alberta's average electricity demand and produce significantly lower emissions than coal-fired plants. Another key asset is the 32 MW Pipestone Power Plant, a cogeneration facility providing power and heat to Tidewater's Pipestone Gas Plant. The company is also advancing the Greenlight Electricity Centre, a proposed 1,800 MW data centre and power generation complex in partnership with Pembina Pipeline.

Financially, the company has secured significant backing from institutional investors. A pivotal moment was in 2017 when OPTrust, a major Canadian pension fund, invested in Kineticor and committed additional funds for future growth. The Cascade project was developed with partners including OPTrust, Macquarie Capital, Axium Infrastructure, and DIF Capital Partners. A notable achievement includes a partnership with the Alberta Indigenous Opportunities Corporation for the Cascade project, enabling six local First Nations to become equity owners.