By opening new facilities like the Saint Philémon wind farm, we are realizing the value of our development pipeline. We are also improving the performance of the 95-megawatt operating portfolio we acquired from Renewable Energy Developers Inc. in 2013. These eight new turbines form an important part of Canada's sustainable energy future. Our total net installed capacity now stands at 461 MW.
Capstone Infrastructure Corporation, formerly Macquarie Power and Infrastructure Corporation, is an independent, publicly listed company with 80 employees. We are focused on building and responsibly managing a high quality portfolio of infrastructure businesses in Canada and internationally with the goal of delivering a superior total return to investors.
Our new brand reflects our commitment to excellence, quality and growth and to realizing our vision of becoming the pre-eminent infrastructure company in Canada. The word capstone refers to a crowning achievement, element or event. In architectural terms, a capstone is the top or finishing stone of a building or structure.
The triangle in our new logo depicts the top stone of a structure while representing our company’s broad, stable foundation for continuing growth. The upward thrust of the triangle symbolizes that our company is well positioned for continued success. Our signature colour, orange, represents enthusiasm, creativity, determination, happiness and stimulation. These attributes are important to our company’s success and to the professional fulfillment and advancement of our employees.
Together with our investors, we are delighted to be embarking on an exciting new phase in our evolution.
As physical assets that provide an essential service, Capstone Infrastructure’s various businesses have a social impact that we endeavour to manage responsibly. We seek to minimize the environmental footprint of our businesses and to demonstrate our commitment to social responsibility.
Cardinal Power, for example, offers financial support to Cardinal in Bloom, an annual beautification program that it initiated for the town of Cardinal that includes flower baskets and gardens tended by volunteers. Every year, Cardinal contributes to Christmas is for Kids, a holiday celebration for local children. The facility also supports local schools, providing bursaries to two high-achieving secondary school students and sponsoring the science and technology award at the local elementary school, to which the facility also donates computers and other educational tools, most recently including funds for the purchase of a SMART board learning tool.
Whitecourt Power, together with its employees, has a history of community involvement, supporting health organizations, schools, children’s sports teams and vital social services in the community of Whitecourt.
Likewise, Erie Shores has emerged as an important community attraction, and the facility’s employees conduct numerous tours for industry associations, students and other stakeholders to help build and broaden knowledge about wind power in Canada. Erie Shores also contributes to a local wind power interpretive centre that showcases the region’s leadership in embracing wind power.
On March 31, 2011, Capstone Infrastructure completed its acquisition of a 33.3% interest in a district heating business in Sweden, adding a new category of infrastructure – utilities – to its portfolio.
District heating includes both heat production and heat distribution through underground piping to several buildings or industrial users within a community from a single facility.
District heating has a long history in Sweden, where the first district heating system commenced operations in 1949.
Our district heating business consists of 11 regional operations – now named Värmevärden – that collectively run numerous facilities. These facilities burn various fuels, primarily wood and organic waste, to heat water or create steam that is then piped to approximately 4,000 supply points including large residential buildings and industrial customers.
From a customer perspective, district heating is attractive due to its convenience and competitive pricing in relation to other heat options. In addition, district heating makes the most of energy that would otherwise have been lost, such as waste from the forestry industry, waste heat from industry and organic waste.
This is a successful business with proven cash flow and an attractive carbon-neutral profile. This acquisition diversifies our portfolio internationally and by infrastructure category and is expected to contribute to the long-term sustainability of Capstone Infrastructure’s dividends to shareholders.
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