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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Capital Power Corp    CPX   CA14042M1023

CAPITAL POWER CORP

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Capital Power : Continues to Deliver Successful Contracted Renewable Projects

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01/11/2019 | 09:14am EDT

EDMONTON, Alberta, Jan. 10 -- Capital Power issued the following news release:

* * *

- 99 megawatt New Frontier Wind project begins commercial operations

* * *

Capital Power Corporation (Capital Power or the Company) (TSX: CPX) announced its New Frontier Wind project, located in North Dakota, began commercial operation on December 21, 2018. The construction of the 99 megawatt facility was completed on-schedule and below its original project cost estimate of approximately $182 million (US$145 million).

On December 31, 2018Capital Power received approximately $125 million (US$92 million) in net tax equity financing from J.P. Morgan in exchange for Class A interests of a subsidiary of the Company.

Capital Power will operate New Frontier Wind under a 12-year fixed price contract with an investment grade U.S. financial institution covering 87% of the facility's output. Under the contract, Capital Power will swap the market revenue from a fixed volume of New Frontier Wind's generation for a fixed price payment over a 12-year term.

"Utilizing our in-house construction capabilities, the construction of New Frontier Wind was completed in eight months and is another successful renewable development project in the United States," said Brian Vaasjo, President and CEO of Capital Power. "With everything in place and completion below budget, New Frontier Wind is set to exceed our original return expectations."

© 2019 Targeted News Service, source News Service

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Financials (CAD)
Sales 2019 1 473 M
EBIT 2019 469 M
Net income 2019 204 M
Debt 2019 2 858 M
Yield 2019 5,74%
P/E ratio 2019 15,79
P/E ratio 2020 19,29
EV / Sales 2019 4,17x
EV / Sales 2020 4,05x
Capitalization 3 287 M
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Mean consensus HOLD
Number of Analysts 12
Average target price 30,8  CAD
Spread / Average Target -4,5%
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Managers
NameTitle
Brian Tellef Vaasjo President, Chief Executive Officer & Director
Donald James Lowry Chairman
Darcy John Trufyn Senior VP-Operations, Engineering & Construction
Bryan DeNeve Chief Financial Officer & Senior VP-Finance
Albrecht Wihelm Albert Bellstedt Independent Director