The Port Dover and Nanticoke Wind facility in Ontario. (Courtesy Capital Power)
An Axium Infrastructure fund will pay approximately $340 million to acquire a 49 per cent stake in two large Canadian wind power generation facilities from Capital Power Corp. (CPX-T), the firms announced Wednesday morning.
The 246-megawatt portfolio includes the Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario, which are both fully operational. Upon closure of the transaction, it will represent one of the largest renewable energy facility transactions in the country during 2024.
“We are proud to announce this asset sell-down transaction which represents a concrete instance of us unlocking asset value in alignment with our strategy,” Jason Comandante, Power Capital’s senior vice-president and head of Canada, said in the announcement. “Our partnership with Axium, a well-respected investor, speaks to the market’s recognition of Capital Power as a top-tier operator and developer.”
Edmonton-based Capital Power reports the two wind facilities are fully contracted with investment-grade firms and have a remaining weighted average contract life of approximately 11 years.
Capital Power to operate the facilities
The Quality Wind facility in northeastern B.C. has an installed capacity of 142 megawatts. It was completed in 2013. The Port Dover and Nanticoke wind facility in southern Ontario was completed in 2012 and has an installed capacity of 104 megawatts.
As per the partnership terms, Capital Power will continue to manage and operate the assets under a long-term asset management agreement.
Capital Power says the transaction represents a return which exceeds its capital allocation thresholds, and enhances the company’s financial flexibility.
“We are very pleased to establish a partnership with Capital Power,” Axium’s vice-president and senior investment director Elio Gatto said in the announcement. “This…


