Capstone Infrastructure has announced that the Ontario Ministry of the Environment and Climate Change has issued a renewable energy approval (REA) for the 10 MW Snowy Ridge wind park in Canada.
The receipt of this REA completes a major milestone in the permitting and approvals process for Capstone's pipeline of five Ontario-based wind projects, which along with a project in Saskatchewan, represent a net capacity of 52.5 MW.
Michael Bernstein, the President and CEO of Capstone, has commented:
"This is a significant milestone for Capstone and continues the momentum we have established during the past year in the successful execution of our development pipeline. Since last August we have commissioned three wind farms, which represent annual Adjusted EBITDA of CAD$11 million (US$8.9 million). We look forward to breaking ground on our next phase of construction very soon."
"Capstone's development team has demonstrated exceptional skill at building wind facilities on time and under budget. Building renewable energy facilities is an essential part of our commitment to building value for our shareholders and ensuring a more sustainable future for Canada."
The Snowy Ridge Wind Park is a proposed project with a generating capacity of 10 MW and is located in the City of Kawartha Lakes, Ontario, near the community of Bethany.
The site has been awarded a 20-year power purchase agreement (PPA) by the Ontario Power Authority under the Feed-In Tariff (FIT) program. Capstone expects to own a 50% interest in the wind park alongside a financial partner.
Aside from Snowy Ridge, Capstone has already received REAs for four other Ontario wind projects:
REAs are a required step in Ontario for wind, solar and bio-energy generation facilities to proceed to the construction phases. Once an REA has been issued, any Ontario resident can appeal the REA to the Environmental Review Tribunal (ERT) and require a hearing based on human health or environmental grounds. The ERT has six months to issue a decision once the appeal has been filed.
Capstone Infrastructure owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of 466 MW.