EDMONTON, Alberta – The Whitla Wind project was awarded a 20-year contract by the Alberta Electric System Operator (AESO) in the first round of its Renewable Electricity Program (REP). Capital Power expects the construction cost for its Whitla Wind project to be between $315 million and $325 million (in Canadian dollars).
Under its successful bid, Capital Power’s Whitla Wind project is a 201.6 MW wind facility in Southeast Alberta. The facility’s target commercial operation date is expected in the fourth quarter of 2019.
Forward-looking information or statements in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.
Material forward-looking information in this press release includes disclosures regarding: (i) expected capital costs, and (ii) the anticipated commercial operation date of the Whitla Wind project.
These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements relate to: (i) anticipated facility performance and operating costs, (ii) effective tax rates, and (iii) timing of construction activities and required regulatory approvals.
Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) regulatory and political environments including changes to environmental, financial reporting, market structure and tax legislation, (ii) facility availability and performance including maintenance of equipment, (iii) ability to fund current and future capital and working capital needs, (iv) timing and costs of regulatory approvals and construction, (v) changes in general economic and competitive conditions. See Risks and Risk Management in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2016, prepared as of February 17, 2017, for further discussion of these and other risks.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns approximately 4,500 megawatts of power generation capacity at 24 facilities and is pursuing contracted generation capacity throughout North America.