Capstone Infrastructure Corp (TSX:CSE)
Shares Issued 3,000,000
Last Close CSE.PR.A 6/21/2022 $15.40
Wednesday June 22 2022 - News Release
Ms. Megan Hunter reports
CAPSTONE INFRASTRUCTURE CORPORATION'S WILD ROSE 2 WIND FARM SIGNS LANDMARK AGREEMENT WITH THE CITY OF EDMONTON
Capstone Infrastructure Corp.'s wholly owned subsidiary, Wild Rose 2 Wind LP, has entered into a 78-megawatt renewable attributes purchase agreement (RAPA) with Edmonton to supply renewable attributes for over 20 years from Capstone's 192-megawatt Wild Rose 2 wind farm, currently in development.
The RAPA between Capstone and the City of Edmonton is the largest long-term procurement of renewable energy attributes by a Canadian city to date. The agreement is part of the City's Community Energy Transition Strategy which set targets to be carbon neutral in its corporate operations by 2040 and for the City as a whole to achieve net zero GHG emissions by 2050.
"Capstone is a Canadian leader in forging partnerships with the public and private sectors to help governments and companies procure clean, renewable energy to reach their climate and decarbonization targets," says David Eva, Chief Executive Officer of Capstone. "Our agreement with the City of Edmonton demonstrates how the renewable energy sector and municipalities can work together to reduce emissions in municipal operations and help Canada reach its 2050 net-zero goals."
"I am proud that Edmonton is leading the way to a green energy transition," says Amarjeet Sohi, Mayor of Edmonton. "We are taking significant action to reduce the City's GHG emissions by investing in renewable energy sources at scale. Our agreement with Capstone is a big step towards our goal of decarbonizing municipal operations and building a healthy, climate-resilient city."
About the Wild Rose 2 Wind Farm
The Wild Rose 2 Wind Farm will be constructed in Cypress County, Alberta, approximately 35 km southeast of Medicine Hat, and will benefit from the exceptionally high wind resource in the area. The Capstone subsidiary will construct, own, and operate the facility, and total construction capital of the project is estimated at approximately $360 million with construction expected to begin later this year. Wild Rose 2 will generate approximately 200 person-years of employment during construction and offset approximately 340,000 metric tonnes of CO2e annually when commercial operation begins. Wild Rose 2 is also party to a power purchase agreement with Pembina Pipeline Corporation for the offtake of 105 MW of renewable energy and associated renewable attributes over 15 years.
Capstone is generating our low-carbon future, driving the energy transition forward through creative thinking, strong partnerships, and a commitment to quality and integrity in how we do business. A developer, owner, and operator of clean and renewable energy projects across North America, Capstone's portfolio includes approximately 776 MW installed capacity across 30 facilities, including wind, solar, hydro, biomass, and natural gas cogeneration power plants. Please visit www.capstoneinfrastructure.com for more information.
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