2022-05-08 | Press release | Capstone Infrastructure Corporation Signs Power Purchase Agreement with Pembina Pipeline Corporation for Wild Rose 2 Wind Farm

Calgary, May 08, 2022 (GLOBE NEWSWIRE) — Capstone Infrastructure Corporation (TSX: CSE.PR.A) (“Capstone”) today announces that its wholly-owned subsidiary, Wild Rose 2 Wind LP, has entered into an agreement to power purchase (“PPA”) with Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) (“Pembina”) for the offtake of 105 MW of renewable energy and associated renewable attributes over 15 years from 192 MW of Capstone’ Wild Rose 2 Wind Farm, currently in development. Capstone has also entered into a turbine supply agreement with Siemens Gamesa Renewable Energy Inc. for the purchase of 38 SG 5.2-145 turbines. The PPA marks another step towards a low-carbon electricity sector in Alberta and provides the foundation that supports Capstone’s investment in the 192 MW Wild Rose 2 wind farm.

“We are thrilled to partner with Pembina to advance the energy transition by doing what we do best: developing, building and operating world-class renewable energy facilities, ” said David Eva, President and CEO of Capstone. “Once operational, the Wild Rose 2 wind farm will be the largest facility in our fleet and will make a significant contribution to Alberta’s goal of a net-zero electricity sector by 2035.”

“We are delighted to work with Capstone on their project and further our sustainability goals. Power Purchase Agreements are an effective tool to support the development of renewable energy infrastructure, reduce emissions and support the transition to a low-carbon energy system,” said Scott Burrows, President and CEO of Pembina.

The Wild Rose 2 wind farm will be built in Cypress County, Alberta, approximately 35 km southeast of Medicine Hat, and will benefit from the region’s exceptionally high wind resources. The Capstone subsidiary will build, own and operate the facility, and the total construction capital for the project is estimated at approximately $360 million, with construction expected to begin later this year.

About Capstone

Capstone is powering our low-carbon future, advancing the energy transition 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 of installed capacity across 30 facilities, including wind, solar, hydro, biomass and natural gas cogeneration. Please visit www.capstoneinfrastructure.com for more information.

About Pembina

Pembina is a leading energy transmission and midstream service provider serving the North American energy industry for more than 65 years. Pembina has an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, as well as a business growing export terminals. Through its integrated value chain, Pembina seeks to provide safe and reliable infrastructure solutions that connect energy producers and consumers around the world, support a more sustainable future, and benefit its customers, investors, employees and communities. For more information, please visit www.pembina.com.

Notice to readers

Certain of the statements contained herein are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Company based on information currently available to the Company. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, therefore, should not be construed as guarantees of performance. or future results. The forward-looking statements contained in this document are based on currently available information and what the Company currently considers to be reasonable assumptions.

The forward-looking statements contained in this document reflect the Company’s current expectations as of the date of this document and speak only as of the date of this document. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

This document does not constitute an offer or an invitation to subscribe or a recommendation of securities. It does not take investment objectives into account. Financial situation and special needs of potential investors. Before making an investment in the Company, an investor or prospective investor should determine whether such an investment is suitable for his or her particular investment needs, objectives and financial situation and consult with an investment adviser as necessary.

Megan Hunter Capstone Infrastructure Corporation 416-649-1325 mhunter@capstoneinfra.com 

Comments are closed.