Capstone Infrastructure Corporation Announces the Acquisition of Two of its Partially Owned Wind Farms and Completes a Corporate Refinancing
TORONTO, Ontario, Jan. 01, 2018 (GLOBE NEWSWIRE) -- Capstone Infrastructure Corporation ("Capstone" or the "Corporation") (TSX:CSE.PR.A) is pleased to announce that it has acquired the remaining interests in Glen Dhu Wind Energy Limited Partnership (“Glen Dhu”) and Fitzpatrick Mountain Wind Energy Inc. (“Fitzpatrick”), as well as closed a new corporate credit facility.
On December 31, 2017, Capstone acquired the remaining 51% interest in Glen Dhu, a 62.1 MW wind facility located near Merigomish, Nova Scotia, and the remaining 50% interest in Fitzpatrick, a 1.6 MW wind facility located near Pictou, Nova Scotia, increasing Capstone’s interests in both to 100%. Glen Dhu and Fitzpatrick are fully contracted under power purchase agreements expiring in 2031 and 2022, respectively, and continue to be managed and operated by a subsidiary of Capstone.
On December 15, 2017, Capstone Power Corp., a subsidiary of the Corporation, completed a $145 million corporate refinancing. The new corporate credit facility, which matures in 2021, is comprised of a $95 million revolving and letter of credit facility and a $50 million term facility, and provides Capstone with greater flexibility and lower cost.
ABOUT CAPSTONE INFRASTRUCTURE CORPORATION
Capstone's mission is to provide investors with an attractive total return from responsibly managed long-term investments in power generation in North America. The company's strategy is to develop, acquire and manage a portfolio of high quality power businesses that operate in a contractually-defined environment and generate stable cash flow. Capstone currently owns, operates and develops thermal and renewable power generation facilities in North America with a total installed capacity of net 541 megawatts. 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.
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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 or purchase 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 an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.
Chief Financial Officer