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PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Canada’s Largest Solar Facility Now Soaking up the Rays in Southern Alberta

April 19, 2021 GMT

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) -- Capstone Infrastructure Corporation (TSX: CSE.PR.A) (the “Corporation” or “Capstone”), along with our partner Obton A/S, is proud to announce that our 132MWac Claresholm Solar Project (“Claresholm”) achieved commercial operation and is now producing clean, renewable power. 

Claresholm Solar is located in the Municipal District of Willow Creek and provided more than 350 full-time jobs in Alberta during construction, with peak site personnel reaching over 650 skilled workers. In addition, over the operational life of the project, Claresholm will provide on-going employment along with significant and stable long-term property tax revenue to the local economy.

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The majority of Claresholm’s power and associated emission offsets are sold to TC Energy, under the terms of a power purchase agreement (“PPA”), and the rest of the electricity will be sold into Alberta’s wholesale power pool. 

“I’m tremendously proud of our team for safely and successfully completing the Claresholm Solar Project, now Canada’s largest operating solar farm. This was an ambitious project with tight timelines, and Capstone, along with PCL and all our suppliers, had the added burden of overcoming the numerous challenges resulting from the COVID-19 pandemic, which they passed with flying colours.” says David Eva, CEO, Capstone, “Working creatively and with unmatched dedication is integral to Capstone’s business philosophy, and we are extremely pleased to support TC Energy and the critical role that such corporate PPAs play in accelerating the transition to clean energy across North America.” 

“Capstone has shown incredible dedication to bringing this asset into service. Through collaborative partnerships like this one, we are bringing clean energy to the Alberta market,” says Corey Hessen, Sr. Vice President and President Power, Storage and Commercial Marketing, TC Energy. “This PPA represents another step towards reducing our emissions and growing our power business across North America.” 

“Having been involved in the project for close to four years, I am very happy that it has now been fully realized. It all started with a good idea and today after many ups and downs the project has been fully commissioned and will be an important power plant in Alberta, which we are extremely proud of being a part of,” says Mikkel Berthelsen, Partner at Obton A/S, “I want to thank all the great people that worked on realizing this project, in particular, Perimeter Solar for their early-stage development work, our contractor PCL, our off-taker TC Energy, our lenders ATB, Fiera, Telus, and of course, our partner Capstone.” 

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About Capstone Infrastructure Corporation 
Capstone is developer, owner and operator of renewable energy projects, whose mission is to power society, protect the environment, contribute to communities, and create value for its shareholders. Capstone operates more than 750 MW of installed capacity across 29 facilities in Canada, including wind, solar, hydro, biomass, and natural gas co-generation power plants. Please visit www.capstoneinfrastructure.com for more information. 

About Obton A/S 
Obton is a Danish solar investor and developer with more than 10 years of experience in the solar PV market. It was one of the first investment companies to see the opportunities in solar PV systems, and today Obton is one of Europe’s largest providers of investments in renewable solar energy, with EUR 2,5 billion in investments under administration and management of more than 1,2 GW of installed capacity. 

Notice to Readers 
Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions. 

The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. 

This document is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. 

Contact Information: 
 
Capstone Infrastructure Corporation 
Megan Hunter 
Communications Manager 
(416) 649-1325 
mhunter@capstoneinfra.com  

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7055989-bbe0-4d66-918e-c62b4aae87ec