Drumheller, Alberta, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Today, Capstone Infrastructure Corporation (TSX: CSE.PR.A) ("Capstone”) celebrated the start of solar panel installation at two new projects in Alberta, continuing its track of record of substantial investment into the province’s energy market.
Since 2018, Capstone has acquired and advanced more than 435 MW in new solar and wind development projects across the province, representing a total planned capital investment of more than $800 million. This includes the successful commissioning of the 132 MW Claresholm Solar in 2021 - Canada’s largest solar facility at the time.
The two new solar facilities – Michichi Solar located in Starland County, and Kneehill Solar located in Kneehill County, will each produce 25 MWac of electricity, enough power to supply 12,000 Alberta homes every year.
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.
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.
"Capstone is pleased to announce we’re meeting our construction milestones for the Michichi and Kneehill Solar Projects,” says David Eva, Chief Executive Officer of Capstone. “These projects are another example of our commitment to investing in the Alberta energy market and forming strong partnerships with the private and public sectors, First Nations, and local communities.”
Both the Michichi and Kneehill Solar projects are slated to become operational in 2023.
About the Michichi and Kneehill Solar Projects
The Michichi Solar Project is located in Starland County, Alberta, just north of the Town of Drumheller. The Kneehill Solar Project is located in Kneehill County, Alberta, just north of the Town of Three Hills. Michichi and Kneehill Solar will create more than 100 jobs on site during peak construction and 70 FTE job years each over the operational life of the projects. Michichi and Kneehill Solar will also provide significant and stable long-term property tax revenue of an estimated $8 million to both Starland and Kneehill County over the operational life of the projects. Each project will offset approximately 30,000 metric tonnes of CO2e each year.
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 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.
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