Latest news with #Midgard
Canada Standard
6 days ago
- Business
- Canada Standard
Yukon, B.C. Agree to Link Grids Through New $2B Power Line
The Yukon and British Columbia governments have agreed to jointly plan a transmission line connecting their power grids, with project costs in the billions and a timeline of over a decade. A local management consultant says there may be better ways to meet the territory's electricity needs. The Yukon-BC Grid Connect project aims to enable two-way electricity transmission, enhancing energy security and offering "mutual economic prosperity," the premiers of the two governments said in a joint statement. Signed May 23, their Memorandum of Understanding (MOU) "will guide intergovernmental collaboration" through the exploration and planning phases of connecting the two grids. "It's an agreement between both premiers' offices at the political level, just that this is a priority," Yukon Premier Ranj Pillai told Yukon News. The planned 765-kilometre, 200-kilovolt transmission line is expected to cost around $2 billion and will take more than 10 years to complete. It will require close cooperation with Indigenous communities along the route, and will be guided by "advancing reconciliation with affected First Nations, including through Indigenous partnerships and ownership," says the joint statement. Last year, the federal government announced $40 million for a feasibility study of the power line. The study will update one released in 2015, in which consultancy firm Midgard said it "cannot see a plausible scenario, given the assumptions, where Yukon profitably imports electricity." Midgard also questioned the reliability risks the territory would face if it depended on another jurisdiction for its electricity supply. Now, Pillai is pitching the power line as "a nation-building project" that would benefit all of Canada by boosting Arctic and northern sovereignty and security. Proponents also emphasize the environmental benefits, noting that the corridor would facilitate the flow of clean electricity northward. This could reduce reliance on liquefied natural gas (LNG) imports for mining operations in the region, allowing operators to market their resources as lower carbon, writes Yukon News. The MOU doesn't come with any financial commitment. But with the transmission line's price tag roughly equal to the territory's total annual budget, the cost cannot "be put on the back of Yukoners," said Pillai, who called for more funding from Ottawa. In an interview last fall, Yukon Member of Parliament Brendan Hanley said connecting the grids would allow the territory to export surplus energy and diversify its energy sources as the climate becomes more variable. Currently, Yukon is isolated from the North American grid and primarily powered by hydroelectric dams. But rising demand and low reservoir water levels have increased the proportion of energy it sources from fossil fuels. The territory also relies on rented diesel generators to meet peak power demand. With the grid connection years away, opposition leaders have questioned how Yukon will address its immediate energy challenges, Yukon News reported last fall. Economist Keith Halliday writes the massive transmission line is but one possible solution to the territory's energy troubles. Clean energy needs could also be met by building several smaller, "bite-size" projects in the area to add to the territory's own capacity. "Instead of huge surplus intertie capacity in the initial years, you build up generation capacity in small steps as demand for electric vehicles and heat grows," Halliday says. These smaller projects would create long-term employment in the Yukon economy, rather than the powerline construction jobs that would disappear when the project is finished. "Instead of outsourcing power jobs to B.C., you create well-paid engineering and union jobs here," Halliday writes. "Instead of B.C. investors getting the returns, they go to Yukon First Nations development corporations and our private sector." Source: The Energy Mix
Yahoo
25-04-2025
- Business
- Yahoo
IJM completes acquisition of 50% equity stake in JRL Group
Malaysian company IJM has completed the acquisition of a 50% equity stake in UK-based JRL Group Holdings for £50m ($66.4m, RM283m). This investment signifies the start of a long-term partnership aimed at enhancing capabilities and pursuing growth opportunities within the UK construction market. This acquisition was initially reported in November 2024. Headquartered in Borehamwood, Hertfordshire, JRL is a construction solutions provider established in 1996. With 14 specialist divisions, JRL offers a full range of contracting, design, manufacturing, and plant services. The company has a portfolio across residential, commercial, and institutional sectors, boasting an order book worth £1.45bn (approximately RM8.49bn), which provides earnings visibility for the upcoming three years. According to the company, the acquisition is set to bolster IJM's core construction capabilities, complementing its existing RM6bn order book. JRL's in-house delivery model, which includes divisions such as Midgard, J Reddington; McMullen Facades; Ark M&E and London Tower Crane Hire, is claimed to be particularly synergistic with IJM's strategy to expand in the UK market. This move is also stated to strengthen JRL's capital base, enhancing liquidity and supporting the execution of its order book and future projects. IJM's broader strategy involves diversifying revenue streams and expanding its international presence, with the UK being a focal point for the group's investments in property, construction, and urban regeneration. JRL's expertise, especially in complex urban and infrastructure-linked sites, is stated to be aligned with IJM's interest in transit-oriented developments. The acquisition combines IJM's development experience with JRL's contracting proficiency, optimising the value chain and solidifying the group's position in a mature market, states the company in its press release. Since 2021, JRL has diversified into property development, with approximately 2,400 build-to-rent and co-living units across seven sites, estimated to have a gross development value of £780m (approximately RM4.58bn). JRL's main contracting division, Midgard, has a history of collaboration with IJM, having constructed IJM Land's first UK development, Royal Mint Gardens Phase 1. IJM Group CEO and managing director Dato' Lee Chun Fai said: 'The completion of this acquisition marks a significant advancement in IJM's UK growth strategy. JRL's strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities. This enables us to effectively pursue complex, transit-oriented and infrastructure-led developments, aligning with IJM's long-term plans in the UK market.' JRL Group managing director John Reddington added: 'Finalising this partnership marks a major milestone for JRL, built on mutual trust developed over years of collaboration. IJM's global experience and strategic ambition align with our focus on complex, large-scale delivery. Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK.' "IJM completes acquisition of 50% equity stake in JRL Group" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
