Capstone Infrastructure Corporation announced today that the Ontario Environmental Review Tribunal (ERT), an administrative tribunal that considers appeals from the general public in relation to an approval granted to a green energy project by the Ministry of the Environment and Climate Change (the “Ministry”), this week dismissed appeals initiated in relation to two of the company’s wind projects. The ERT’s decision to dismiss upholds the Renewable Energy Approvals (REAs) granted to those projects.
On August 11, 2015, the ERT dismissed an appeal of the 18-megawatt ZEP Wind Farm Ganaraska, to be built in the municipality of Clarington, Ontario. On August 13, 2015, the appeal of the 10-megawatt Grey Highlands ZEP project, located in the Municipality of Grey Highlands, was also dismissed.
“We’re pleased that these renewable energy projects can now move into the construction phase and will soon be providing clean electricity for Ontario,” said Michael Bernstein, President and Chief Executive Officer. “The build-out of Capstone’s wind development pipeline is a central part of our commitment to contributing to a more sustainable energy future and creating value for our shareholders.”
Capstone received REAs from the Ministry for five Ontario wind projects earlier this year, all of which were then subject to ERT hearings. With the Ganaraska and Grey Highlands ZEP appeals now dismissed, the company is moving closer to increasing its generating capacity by a potential 64 net megawatts when all are completed.
Capstone’s mission is to provide investors with an attractive total return from responsibly managed long-term investments in core infrastructure in Canada and internationally. The company’s strategy is to develop, acquire and manage a portfolio of high quality utilities, power and transportation businesses, and public-private partnerships that operate in a regulated or contractually-defined environment and generate stable cash flow. Capstone currently has investments in utilities businesses in Europe and owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of net 468 megawatts.