Capstone Infrastructure

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Capstone Infrastructure Corporation
Type Public (TSXCSE)
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[edit]

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[edit]

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[edit]

Regional Power[edit]

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[edit]

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[edit]

Operational Power Projects[edit]

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[edit]

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[edit]

External links[edit]