Kiwetinohk Energy Corp. announced record corporate upstream production rates, the acquisition of a new early stage 150 MW solar development project with a 150 MW expansion opportunity located in Central Alberta and an increase of its credit facility. In May, Kiwetinohk closed the acquisition of an early-stage solar development project (Solar 3 or Phoenix) in Central Alberta with a 150 MW first phase plus an optional 150 MW expansion.

Green Energy 2022 capital guidance remains unchanged at $15-$20 million. The Solar 3 project is in Alberta Electric System Operator (AESO) Stage 2, with environmental studies and regulatory activities underway and a targeted final investment decision in Third Quarter 2023. Solar 3 represents a valuable addition to Kiwetinohk's diversified solar and gas-fired power portfolio, which now includes 1,950 MW of total generation capacity across six projects.

Solar 3 augments the Company's existing 700 MW solar projects in southern Alberta, providing geographic diversification, expanded development alternatives, and opportunity for more construction synergies given the closely staged solar projects. Kiwetinohk continues to advance development, environmental studies, regulatory activities and engineering cost estimates across its Green Energy portfolio. The Homestead Solar Project (Solar 1) recently advanced grid connection achieving AESO Stage 3 and with Alberta Utilities Commission review of the power plant and substation application underway.

Capacity on the Alberta electrical grid will be confirmed and allocated to the 400 MW Homestead Solar Project at the conclusion of AESO Stage 3.