Munsee

Capital Power will retain management and operation of the assets through a long-term agreement. Credit: GheorgheGarcu / Shutterstock.

Capital Power has agreed to sell a 49% interest in two of its Canadian wind facilities to Axium Infrastructure.

The transaction, expected to be worth $340m, includes the Quality Wind facility in British Columbia and the Port Dover and Nanticoke wind facility in Ontario, which together have a capacity of 246MW.

The two wind facilities, which are fully contracted with investment-grade counterparties, have a remaining weighted average contract life of 11 years.

Capital Power will continue to manage and operate the assets under a long-term asset management agreement, maintaining its role in the partnership.

The sale is in line with Capital Power’s strategy to realise a levered equity return that surpasses its capital allocation thresholds. This move is expected to enhance the company’s financial flexibility.

Capital Power Canada senior vice-president Jason Comandante stated: “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.

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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…

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The Canadian Press – Nov 27, 2024 / 8:02 pm | Story: 519888

Photo: The Canadian Press

A Canadian soldier takes part in an announcement at Garrison Petawawa in Petawawa, Ont., on Thursday, Oct. 19, 2023. A Canadian soldier deployed to Europe has died of medical complications. The Canadian Armed Forces says Lt.-Col. Kent Miller was serving in Casteau, Belgium, when he died Monday. THE CANADIAN PRESS/Sean Kilpatrick

A Canadian soldier deployed to Europe has died of medical complications.

The Canadian Armed Forces says Lt.-Col. Kent Miller was serving in Casteau, Belgium, when he died Monday.

It says he was serving under Operation Unifier, an Armed Forces program that trains Ukrainian military and security personnel in battlefield tactics and advanced military skills.

The military says Miller was an engineering officer with 24 years of experience in the Armed Forces.

It added that he was most recently the commanding officer of 41 Combat Engineer Regiment in Alberta and had been deployed to Belgium in a planning and co-ordination capacity.

Lt.-Gen. Steve Boivin, commander of the Canadian Joint Operations Command, said in a statement that Miller was a father and husband and his loss would be felt by many.

Amanda Stephenson, The Canadian Press – Nov 27, 2024 / 5:22 pm | Story: 519855

Photo: The Canadian Press

Alberta Premier Danielle Smith speaks at a press conference in Edmonton on October 31, 2024. THE CANADIAN PRESS/Jason Franson

The Alberta government did not consult with the oil and gas sector before announcing a sweeping set of plans it says it could use to challenge the proposed federal greenhouse gas emissions cap, industry sources say.

Companies are still digesting Premier Danielle Smith’s move to announce a forthcoming motion under the province’s Sovereignty…

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