Morgan Stanley Infrastructure Partners (MSIP), a unit of Morgan Stanley Investment Management (NYSE: MS), announced an investment in Greenlight Electricity Centre, a 932-megawatt gas-fired combined cycle power generation project located in Sturgeon County, Alberta.

MSIP is co-investing with Pembina Pipeline Corporation and Kineticor Asset Management to fund construction of the project. MSIP and Pembina will each hold a 47.5% ownership stake in Greenlight, with Kineticor retaining the remaining 5%.

Pembina will serve as construction and operations manager for the project, while Kineticor, the project's developer, will continue to provide construction support.

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 in the region. The project is expected to use combined-cycle gas turbine technology and begin supplying power in the second half of 2030.

"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.

Santander acted as exclusive mergers and acquisitions and financing advisor to MSIP on the transaction. Kirkland & Ellis and Bennett Jones served as legal counsel to MSIP.