Capstone Infrastructure Corporation Successfully Commissions Michichi and Kneehill Solar Projects
Drumheller, Alberta, July 11, 2023 (GLOBE NEWSWIRE) -- Today, Capstone Infrastructure Corporation (TSX: CSE.PR.A) ("Capstone”) is proud to announce the successful commissioning of the Michichi and Kneehill Solar Projects in Alberta which are now providing 50 MWac of emissions-free electricity to the Alberta grid and generating revenue for local communities.
The Michichi Solar Project is a 25 MWac development located in Starland County, Alberta, just north of the Town of Drumheller. The Kneehill Solar Project is a 25Mac facility located in Kneehill County, Alberta, just north of the Town of Three Hills.
With the two new solar projects, Capstone is continuing its commitment to building meaningful, long-standing relationships with Indigenous communities. The Sawridge First Nation, a Cree people that is an original signatory to Treaty No.8, is an equity partner for both the Michichi and Kneehill Solar projects.
Michichi and Kneehill Solar created more than 100 jobs on site during peak construction and will provide over 70 FTE job years each over the operational life of the projects. Michichi and Kneehill Solar will also provide millions of dollars in stable long-term property tax revenue to Starland and Kneehill County over the operational life of the projects. Each project will also offset approximately 30,000 metric tonnes of CO2e each year and provide enough electricity for 6,000 Albertan homes.
Capstone’s leadership in forging partnerships with the private sector to help companies reach their climate and decarbonization targets continues with the new projects as power and environmental attributes generated from Michichi Solar will be sold to Keyera Corporation, one of the largest midstream oil and gas operators in Canada.
“These projects exemplify our dedication to forging partnerships and creating positive impact for local communities,” says Capstone CEO, David Eva. “By providing 50 MWac of emissions-free electricity to the Alberta grid, we not only contribute to decarbonization efforts but also generate substantial revenue and create jobs in rural municipalities and foster long-term relationships with Indigenous communities.”
The milestone was celebrated today at a ribbon-cutting event at Michichi Solar alongside the Honourable Jonathan Wilkinson, federal Minister of Natural Resources, representatives from Keyera Corporation, local officials from Starland County, and project stakeholders. Both Michichi and Kneehill Solar received significant federal support from Natural Resources Canada’s Smart Renewables and Electrification Pathways Program (“SREP”).
About Capstone
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 824 MW installed capacity across 31 facilities, including wind, solar, hydro, biomass, and natural gas cogeneration power plants. Please visit www.capstoneinfrastructure.com for more information.
Notice to Readers
Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to 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, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions.
The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
This document is not an offer or invitation for the subscription of or a recommendation of securities. It does not take into account the investment objectives. Financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary.
CONTACT: Megan Hunter
Capstone Infrastructure Corporation
416-649-1325
mhunter@capstoneinfra.com
