Capstone buys majority stake in solar project

Canada’s Capstone Infrastructure Corp acquired a 51 percent stake in an Alberta-based solar project from Perimeter Solar. The remaining 49 percent interest is indirectly held by Danish renewable energy investment firm Obton A/S. No financial terms were disclosed. Construction is scheduled to being in the spring of 2020.

PRESS RELEASE

TORONTO, Jan. 30, 2020 (GLOBE NEWSWIRE) — Capstone Infrastructure Corporation (TSX: CSE.PR.A) (the “Corporation” or “Capstone”) is pleased to announce it acquired a 51% interest in the 132 MWac Claresholm Solar Project from Perimeter Solar Inc. (“Perimeter”). The remaining 49% interest is indirectly held by Denmark-based Obton A/S (“Obton”), a renewable energy investment firm.

The Claresholm Solar Project is located in the Municipal District of Willow Creek, Alberta. In 2019, the project received regulatory approvals from the Alberta Utilities Commission and executed a 74 MWac power purchase agreement with TC Energy Corporation (TSX, NYSE: TRP) (see https://perimetersolar.ca/news-claresholm-solar-project/). Construction is scheduled to begin in the spring of 2020.

“We are very excited to work alongside Obton and Perimeter to deliver this groundbreaking project, which, when complete, will be Canada’s largest solar facility. Claresholm is an ideal fit for Capstone as we expand our presence in Alberta and grow our renewables business.” David Eva, Chief Executive Officer, Capstone.

“Obton is extremely pleased with the partnership with Capstone on this very exciting PV project. We are both value-based companies that cherish integrity and honesty, which we see as two of the cornerstones of our collaboration. Realizing this project together will help creating a sustainable energy mix in Southern Alberta.” Anders Marcus, Chief Executive Officer, Obton A/S

“The Perimeter team is very pleased with the sale of the Claresholm Solar Project into the capable hands of Capstone and Obton. Having originated and developed the project to this stage, it is a very rewarding experience for Perimeter to see the project move into the construction phase. We are confident the project will prove its value to the new project owners as well as to the landowners hosting the project and the local community. The project represents many firsts for solar energy in Canada and Alberta, and we eagerly anticipate the project becoming fully operational.” Philipp Andres, Director Business Development, Perimeter.

About Capstone Infrastructure Corporation
Capstone owns and operates, approximately net 541 MW of installed capacity across 24 facilities in Canada, including wind, hydro, solar, biomass, and natural gas power plants. Please visit www.capstoneinfrastructure.com for more information.