Jenner, Alberta, July 09, 2024 (GLOBE NEWSWIRE) -- Today, Capstone Infrastructure Corporation (TSX: CSE.PR.A) ("Capstone”) and Sawridge First Nation (“Sawridge”) are proud to announce the successful commissioning of four wind farms in Alberta.
Generating a low carbon future
The Buffalo Atlee 1, 2, 3, and 4 Wind Farms add another 61 MW of emissions-free electricity capacity to the Alberta grid, which is expected to provide enough power for approximately 26,000 homes in Alberta homes every year. Together, the four facilities are expected to avoid fossil fuel CO2 emissions of approximately 93,000 metric tonnes annually at the start of commercial operation.
"Capstone prides itself on forging partnerships that support the energy transition while delivering economic benefits for local communities and our Indigenous partners, and all of the Buffalo Atlee project partners shares this same vision. I’d also like to extend a huge thank you to the dedicated Capstone project team that made this project a reality.”
- David Eva, CEO, Capstone
Building Relationships with Indigenous and Local Communities
Through these projects, Capstone is pleased to establish a long-term equity partnership with the Sawridge First Nation, a Cree people that is an original signatory to Treaty 8. Additionally, the Buffalo Atlee Wind Farms are expected to provide millions of dollars in stable, long-term revenue to the local municipality of Special Areas No. 2.
“The Sawridge First Nation recognizes the importance of developing renewable energy sources in support of growth and in pursuit of sustainability. We are proud of the partnership we have built with Capstone and are excited to celebrate the official launch of this project.”
- Chief Isaac Twinn, Sawridge First Nation
Forging Strategic Partnerships
The electricity produced at the Buffalo Atlee 2 and 4 Wind Farms will be purchased by Gibson Energy Inc. ("Gibson") (TSX: GEI), according to the terms of the 15-year renewable power purchase agreement (PPA) signed by Capstone, Sawridge, and Gibson in 2023. The PPA demonstrates Gibson’s commitment to the low-carbon transition and achieving its emission reduction targets, including a goal of Net Zero by 2050.
“I’d like to reiterate how proud we are to partner with Capstone and Sawridge First Nation, as we see our shared commitment to community development and decarbonization of the power grid in action with the successful commissioning of the Buffalo Atlee project. This project truly exemplifies the power of collaboration and stakeholders working together to support energy transition.”
- Omar Saif, SVP & Chief Operating Officer, Gibson Energy
Capstone celebrated the milestone today at a ribbon-cutting event at Buffalo Atlee 4 with local officials from Special Areas No.2, representatives from Gibson Energy, and other project stakeholders. In recognition of the environmental and electricity system benefits, Natural Resources Canada provided federal support through the Smart Renewables and Electrification Pathways Program.
“The Government of Canada is delivering affordable and reliable power to Albertans, while advancing boldly toward a sustainable and prosperous future. Clean electricity projects like Buffalo Atlee’s wind farms are not only a critical part of Canada’s energy future; they also represent economic opportunities for local communities. I am pleased to celebrate the opening of this exciting project that marks a partnership between the federal government, Capstone Infrastructure, and the Sawridge First Nation.”
- The Honourable Jonathan Wilkinson, Minister of Natural Resources Canada
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 885 MW gross installed capacity across 35 facilities, including wind, solar, hydro, biomass, and natural gas power plants. Please visit www.capstoneinfrastructure.com for more information.
About Sawridge First Nation
The Sawridge First Nation is located at the east end of the Lesser Slave Lake in Alberta near the Town of Slave Lake and is an original signatory to Treaty No. 8 (signed June 21, 1899). The Sawridge First Nations is a self-determining, innovative, progressive and prosperous nation of Cree people who continue to govern in a harmonious and balanced way, inclusive of all members, valuing relationships, customs, and traditions, with honour and respect for our culture and the environment, continuing for future generations. For more information visit www.sawridgefirstnation.com.
About Gibson Energy Inc.
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside, Texas, and including a facility in Moose Jaw, Saskatchewan.
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 Capstone Infrastructure Corporation (‘Capstone’ or 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. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions.
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 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 investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary.
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