Capstone Infrastructure Corporation Signs Power Purchase Agreement with Pembina Pipeline Corporation for the Wild Rose 2 Wind Farm
Calgary, May 08, 2022 (GLOBE NEWSWIRE) -- Capstone Infrastructure Corporation (TSX: CSE.PR.A) ("Capstone") announces today that its wholly owned subsidiary, Wild Rose 2 Wind LP, has entered into a power purchase agreement (“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 Capstone’s 192 MW 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 procurement of 38 SG 5.2-145 turbines. The PPA signals another step forward 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’re thrilled to be partnering with Pembina to drive the energy transition forward doing what we do best – developing, constructing, and operating world-class renewable energy facilities,” says David Eva, Chief Executive Officer 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’re pleased to be working with Capstone on their project and furthering our sustainability goals. Power purchase agreements are an effective tool to support development of renewable energy infrastructure, lower emissions, and support the transition to a lower carbon energy system,” said Scott Burrows, Pembina’s President and Chief Executive Officer.
The Wild Rose 2 Wind Farm will be constructed in Cypress County, Alberta, approximately 35 km southeast of Medicine Hat, and will benefit from the exceptionally high wind resource in the area. The Capstone subsidiary will construct, own, and operate the facility, and total construction capital of the project is estimated at approximately $360 million with construction expected to begin later this year.
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 776 MW installed capacity across 30 facilities, including wind, solar, hydro, biomass, and natural gas cogeneration power plants. Please visit www.capstoneinfrastructure.com for more information.
Pembina is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and a growing export terminals business. Through its integrated value chain, Pembina seeks to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit its customers, investors, employees and communities. For more information, please visit www.pembina.com.
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CONTACT: Megan Hunter
Capstone Infrastructure Corporation