Capital Power completes acquisition of Buckthorn Wind and receives tax equity financing for Cardinal Point Wind
EDMONTON, Alberta – Capital Power Corporation (“Capital Power” or the “Company”) (TSX: CPX) announced today that it has successfully completed the acquisition of Buckthorn Wind from private investors. Buckthorn Wind is a 100.5 megawatt wind facility that is located in Erath County, approximately 60 miles south of Dallas, Texas and began commercial operations in January 2018.
The equity purchase price will be in the range of US$60 million to US$69 million pending the realization of future market performance, and Capital Power is stepping into a tax equity partnership with a tax equity balance of US$68 million. The acquisition of Buckthorn Wind was previously announced on March 16, 2020 and was 100% debt financed.
On March 16, 2020, Capital Power’s Cardinal Point Wind project began commercial operations and subsequently the Company received approximately US$157 million in net tax equity financing on March 26, 2020 from two U.S. financial institutions in exchange for Class A interests of a subsidiary of the Company. The 150 megawatt Cardinal Point Wind facility, located in Illinois, is the third successful U.S. wind development project completed by Capital Power.
About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns over 6,400 megawatts (MW) of power generation capacity at 28 facilities across North America. Approximately 630 MW of owned generation capacity is in advanced development in Alberta.