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ATCO Power already operates a gas fired power station in the region.
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Bord Gáis and Canadian multinational ATCO Power withdrew from the project late last year.
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Atco Chief Financial Officer Brian Bale said he did not expect any regulatory snags.
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Atco affiliate Canadian Utilities CU.TO will operate the assets.
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Corporate & Other segment includes ATCO Energy, a retail electricity and natural gas business in Alberta.
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ATCO said the unnamed client was considering whether to go ahead with a planned mining project.
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About ATCO Ltd. Atco Ltd is a Canada-based company, which offers infrastructure solutions to customers around the world.
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The Atco group operates utilities, structures and logistics businesses and its energy segments include coal- and gas-fired power plants and distribution networks.
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Atco said in a statement overnight it was in exclusive negotiations with AET&D Holdings and any deal was subject to board and regulatory approvals.
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Atco Ltd ACOx.TO was awarded a contract for worker accommodations, while privately held German company Voith Hydro won a contract for turbines and generators.
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Australian utility firm Duet Group, which owns equity interests in the assets up for sale, confirmed on Thursday it was in talks with Atco.
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Atco shares fell 6 Canadian cents to close at C$62.40 on the Toronto Stock Exchange on Thursday.
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It will eventually house 3,500 people, making it one of Atco Structures' largest such projects, division president Michael Shaw said.
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Canadian Utilities, which is more than 82 percent owned by Atco, closed at C$55.75, down 15 Canadian cents.
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Atco said its structures division will build a 600 person housing and core facility complex at the $3.8 billion mine.
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Under the deal, expected to close in the third quarter, Atco will buy a 74.1 percent interest in WAGN from WestNet Infrastructure.