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

CAPITAL POWER CORP

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Capital Power : Powers 99MW New Frontier wind farm begins operations

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01/11/2019 | 08:34am EDT

Capital Power announced that its 99MW New Frontier wind project located in North Dakota, has started operations.

Capital Power claims that the New Frontier wind project has been completed below its original project cost estimate of nearly $145m.

The wind farm is located in McHenry County, North Dakota. The wind farm covers more than 50km2 of farmland and is powered by 29 of Vestas V126 turbines, each generating nearly 3.45MW of maximum power output.

Active construction of the project started in May last year and the turbines were delivered in August. The first turbine was installed in early September, last year.

Capital Power will operate the wind farm under a 12 year fixed price contract with an investment grade U.S. financial institution which will buy 87% of the wind farms output. Under this contract, Capital Power will swap the market revenue from a fixed volume of New Frontier Winds generation for a fixed price payment over a 12 year term.

Capital Power president and CEO Brian Vaasjo said: 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.

With everything in place and completion below budget, New Frontier Wind is set to exceed our original return expectations.

In November, the company entered into an agreement to sell a minority stake of 90MW in its K2 Wind project to a consortium of investors led by Axium Infrastructure (Axium Consortium) for C$216m ($163.22m).

K2 Wind is a 270MW farm located in Ontario, Canada and it is a joint venture between Capital Power, Pattern Energy and an Axium-led consortium. Under the same agreement, Pattern Energy has also agreed to sell its stake to the Axium Consortium.

And, in September, the company agreed to acquire 100% stake in Arlington Valley facility, a 580MW combined cycle natural gas generation facility from Arlington Valley, for $300m. The facility is located nearly 80km southwest of Phoenix, Arizona.

(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
CAPITAL POWER CORP 0.29% 31.61 Delayed Quote.18.88%
NEW FRON 0.00% 9.91 Delayed Quote.1.12%
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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 5,86%
P/E ratio 2019 15,46
P/E ratio 2020 18,90
EV / Sales 2019 4,13x
EV / Sales 2020 4,00x
Capitalization 3 220 M
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Average target price 31,0  CAD
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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
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