Canada-based Capstone Infrastructure Corp. said in a May 11 financial report that a first quarter highlight for the company was a Feb. 26 commercial operations start for the 10-MW Grey Highlands ZEP wind development project in Ontario.
The Grey Highlands Zero Emission People (ZEP) project is located in the community of McIntyre. In April 2010, the project was awarded a 20-year term power purchase agreement by the Ontario Power Authority under the Feed-in Tariff (FIT) program. The project consists of five Senvion MM92 wind turbines, with a rated capacity of 2 MW each.
Also during the first quarter progress continued at the Ganaraska project, which achieved commercial operations on May 6, after the close of the quarter. Ganaraska is a 17.6-MW wind project located in the town of Orono, Ontario. In April 2010, the project was awarded a 20-year term power purchase agreement by the Ontario Power Authority under the Feed-in Tariff program. The project consists of nine Senvion MM92 wind turbines, with a rated capacity of 2.05 MW or 1.88 MW.
As of March 31, 2016, Capstone’s development pipeline included the rights to net 46 MW (gross 64 MW) as follows:
- Ganaraska, wind, commercial operation in 2016, 50% expected ownership, 8.8 MW company share (17.6 MW total for the project), counterparty is Ontario IESO, power purchase agreement expected to expire in 2036, commercial operation on May 6;
- Grey Highlands Clean Energy, wind, commercial operation in 2016, 100% owned, 18.5 MW total, counterparty is Ontario IESO, PPA to expire in 2036, under construction;
- Snowy Ridge, wind, commercial in 2016, to be 50% owned, 5 MW company share (10 MW total), counterparty is Ontario IESO, PPA to expire in 2036, under construction;
- Settlers Landing, wind, commercial in 2017, to be 50% owned, 4 MW company share (10 MW total), counterparty is Ontario IESO, PPA to expire in 2037, subject to environmental review process; and
- Riverhurst, wind, located at Riverhurst, Saskatchewan, commercial in 2019, 100% owned, 10 MW total, counterparty is SaskPower, PPA to expire in 2039, at the interconnection assessment stage.
On April 29, 2016, Capstone completed a plan of arrangement under which a subsidiary of a fund advised by London, UK-based iCON Infrastructure LLP acquired all issued and outstanding common shares of Capstone and Class B exchangeable units of Capstone’s subsidiary MPT LTC Holding LP for C$4.90 cash per share or unit, as applicable. In addition, Capstone’s convertible debentures were redeemed or converted to common shares and acquired as part of the transaction in accordance with the arrangement agreement.