Maxim Power Corp. reported the signing of a strategic agreement with GE Vernova to reserve manufacturing capacity for a gas turbine and associated generator, a move that bolsters the advancement of its Prairie Lights Power project in Alberta.
The development of the Prairie Lights project
The company detailed that the agreement contemplates a 7HA.02 turbine with estimated delivery in 2030, which allows Maxim to secure in advance a critical component in a global market with high demand for energy equipment.
In addition, this industrial reserve is directly linked to the Prairie Lights Power project, a 400 MW gas-fired generation plant located near Grande Prairie, designed to provide reliable, dispatchable electricity to Alberta’s power system.
Maxim also explained that the selection of this turbine will require an update of the existing regulatory permits, although the company foresees a routine administrative process because the chosen model corresponds to a previously approved technological evolution.
As a result, it anticipates a total expenditure of up to 60 million Canadian dollars during 2026, resources that it plans to cover through available liquidity and operating cash flow, without resorting to external financing.
Finally, Maxim mentioned that it maintains a solid financial position, with approximately 84 million Canadian dollars in liquidity, while continuing to advance in energy generation projects in Alberta, in a scenario where provincial and federal authorities stress the relevance of having a firm electricity supply for economic growth.
Source and photo: Maxim