Capstone Infrastructure

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Capstone Infrastructure Corporation
Type Public (TSX: CSE)
Industry Electricity Generation
Headquarters Toronto, Canada
Key people Michael Bernstein, President & CEO
Revenue C$138.48m
Operating income C$20.91m
Profit C$11.26m
Subsidiaries Clean Power Operating Trust

Capstone Infrastructure Corporation is a Toronto, Ontario-based open-ended trust that invests in the following types of power generation assets: Natural Gas cogeneration, Wind, Hydro, Biomass and Solar.[1] It was formerly known as Macquarie Power & Infrastructure Income Fund.

Corporate History

Macquarie Power & Infrastructure Income Fund (MP&I) first listed on the Toronto Stock Exchange in April 2004 as Macquarie Power Income Fund with the 156MW Cardinal natural gas plant as its sole asset.[2] In April 2005, the fund's founding President & CEO Bob Rollison announced a broader acquisition strategy that would include infrastructure assets beyond the energy sector.[3]

Leisureworld Acquisition and Divestiture

This broader mandate allowed MP&I to acquire 45% of Leisureworld, an operator of Long-Term care facilities in Ontario, in 2005. However, management opted to divest this asset in 2009 - arguing that they wanted to focus more on "core infrastructure categories, such as power generation, electricity transmission or distribution, and utilities and transportation."[4]

Subsidiaries & Related Firms

Regional Power

Regional Power, a subsidiary of Manulife Financial, oversees the day-to-day operations at MP&I's four hydro facilities (Sechelt, Hluey Lakes, Dryden and Wawatay).

Clean Energy Income Fund

In June 2007, MP&I completed the purchase of Clean Power Income Fund, which roughly doubled its assets.[5] This transaction marked MP&I's entry into the renewable energy market, as it acquired one wind farm (Erie Shores), four hydro projects (Sechelt, Hluey Lakes, Wawatay and Dryden), the Whitecourt biomass plant, and a 31.3% interest in the Chapais biomass plant.

Projects

Operational Power Projects

Name Location Fuel Source Capacity (MW) Ref
Cardinal Ontario Natural Gas 156 [6]
Erie Shores Ontario Wind 99 [7]
Sechelt British Columbia Hydro 16 [8]
Hluey Lakes British Columbia Hydro 3 [9]
Wawatay Ontario Hydro 14 [10]
Dryden Ontario Hydro 3 [11]
Whitecourt Alberta Biomass 25 [12]
Chapais Québec Biomass 28 [13]

Projects Under Construction

MP&I is developing a 20MW solar park in Amherstburg, Ontario. SunPower has been contracted to design, build and operate the facility, which has been awarded a 30-year Power Purchase Agreement by the Ontario Power Authority.[14]

References and footnotes

  1. ↑ http://www.macquarie.com/mgl/mpt
  2. ↑ Macquarie Power Income Fund Media Release, 30 April 2004
  3. ↑ Macquarie Power Income Fund Press Release, 14 April 2005
  4. ↑ MP&I Annual Report, 2009
  5. ↑ MP&I Annual Report, 2007
  6. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Gas+Gogeneration/Cardinal
  7. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Wind+Power/Erie+Shores+Wind+Farm
  8. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Hydro+Power/Sechelt
  9. ↑ http://www.capstoneinfrastructure.com/About/AtaGlance.aspx?
  10. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Hydro+Power/Wawatay
  11. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Hydro+Power/Dryden
  12. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Biomass+Power/Whitecourt
  13. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Biomass+Power/Chapais
  14. ↑ http://www.macquarie.com/mgl/mpt/Portfolio/Solar+Power/Amherstburg+Solar+Park

External links

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