Cory Cogeneration Funding Corporation

The Issuer is a single-purpose financing entity for the Station, a 228-megawatt (MW) natural gas-fired cogeneration facility near Saskatoon, Saskatchewan. In electricity-only mode, it can generate up to 260 MW. Revenues are earned from a PPA with SaskPower that expires in January 2028, which is beyond the Bonds' maturities. In cogeneration mode, the Station supplies steam to the adjacent potash mine owned by Potash Corporation of Saskatchewan Inc. (PCS) in exchange for the required natural gas. The Station started commercial operations in January 2003.