capstone infrastructure corp (MCQPF) Key Developments
Capstone Infrastructure Corporation Closes Refinancing of Amherstburg Solar Park
Jul 9 15
Capstone Infrastructure Corporation announced the closing of a $95 million refinancing at an attractive interest rate from The Canada Life Assurance Company and The Great-West Life Assurance Company for Amherstburg Solar Park, a 20-megawatt facility in Southwestern Ontario and one of the company's key assets. The new long-term loan, which repays the outstanding principal debt on Amherstburg Solar Park as well as covering swap break fees and closing costs, carries a fixed interest rate of 3.49% and fully amortizes over the remainder of the facility's power purchase agreement, which expires in 2031. This financing addresses a near-term debt maturity and locks in historically low interest rates resulting in reduced debt service costs. The new loan is also expected to have a positive impact on Capstone's dividend payout ratio based on higher annual after debt-service cash flow from the asset. This financing demonstrates the quality of Capstone's power assets, and reflects the favourable market for project financing in the renewables sector, which should benefit Capstone when it arranges financing for its pipeline of six wind development projects.
Capstone Infrastructure Secures Final Renewable Energy Approval for Ontario Wind Projects from Ontario Ministry of the Environment and Climate Change
Jun 22 15
Capstone Infrastructure Corporation announced that it has secured a Renewable Energy Approval (REA) from the Ontario Ministry of the Environment and Climate Change for the 10-megawatt Snowy Ridge Wind Park. REAs are a required step in Ontario for wind, solar and bio-energy generation facilities to proceed to the construction phase. The receipt of this REA completes a major milestone in the permitting and approvals process for Capstone's pipeline of five Ontario-based wind projects, which, along with a project in Saskatchewan, represent a net capacity of 52.5 megawatts. Aside from Snowy Ridge, Capstone has received REAs for four other Ontario wind projects, including Grey Highlands Clean Energy (18.5 MW), Grey Highlands ZEP (10 MW), Ganaraska (17.6 MW) and Settlers Landing (10 MW). The Riverhurst (10 MW) project in Saskatchewan is awaiting its final permits. All are expected to be commissioned by the end 2017 and to generate total anticipated Adjusted EBITDA of $14 million annually. Once an REA has been issued, any Ontario resident can appeal the REA to the Environmental Review Tribunal (ERT) and require a hearing based on human health or environmental grounds. The ERT has six months to issue a decision once the appeal has been filed. Capstone is confident it will succeed in all ERT's its projects are involved with.
Capstone Infrastructure Corporation - Shareholder/Analyst Call
Jun 10 15
Annual General Meeting of Shareholders
Capstone Infrastructure Corporation Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015
May 14 15
Capstone Infrastructure Corporation announced unaudited consolidated earnings results for first quarter ended March 31, 2015. For the quarter, the company reported revenue of CAD 90.2 million, net income of CAD 5.4 million, AFFO of CAD 6.5 million or CAD 0.067 per share compared to the revenue of CAD 114.4 million, net income of CAD 19.5 million, AFFO of CAD 19.9 million or CAD 0.207 per share for the same quarter a year ago. The result of the new contract at Cardinal, reduced power prices in Alberta affecting Whitecourt, and lower wind production. Offsetting the declines was new capacity from Skyway 8 and Saint-Philémon, while an annual increase in regulated water tariffs and beneficial foreign currency translation resulted in higher revenues from Bristol Water. Adjusted EBITDA was 29.1% lower than the first quarter of 2014, CAD 29.5 million, primarily reflecting the new long-term contracts at Cardinal and Whitecourt and reduced production at its operating wind facilities. These declines were partially offset by contributions from its new Skyway 8 and Saint-Philémon assets.
For the full year of 2015, the company expects its forecast of annual Adjusted EBITDA between CAD 115 million to CAD 125 million and remains committed to its current dividend policy.
Capstone Infrastructure Corp to Defend Ontario Electricity Appeal of March Superior Court Decision
Apr 13 15
Capstone Infrastructure Corporation reported that the Ontario Electricity Financial Corporation (OEFC) has served a Notice of Appeal in respect of the March 12, 2015 decision from the Ontario Superior Court of Justice. That decision determined, among other findings, that the OEFC did not properly calculate the price paid and payable for electricity produced under its power purchase agreements (PPAs) with Capstone and a number of other power producers in Ontario. Capstone estimated that the Court's decision would result in a net receipt of approximately $25 million representing retroactive adjustments for revenue claimed from the OEFC. Capstone intends to defend the appeal.