TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Capstone Infrastructure Corporation (TSX:CSE.PR.A) and the shíshálh Nation are pleased to announce they have executed a new long-term electricity purchase agreement (“EPA”) with BC Hydro for the Sechelt Creek Hydro Project. The 16 megawatt run-of-river hydro facility began operation in 1997 and is located on Sechelt Creek, which flows into Salmon Inlet. The new EPA will expire on March 1, 2058.
The EPA ensures that the Sechelt Creek Hydro Project will continue to deliver reliable, renewable energy to the province of British Columbia for future generations, sustain the population of salmon utilizing Sechelt Creek’s spawning channel, and provide economic benefits to the shíshálh Nation under its Facility Agreement with Capstone. The Facility Agreement was entered into in March 2017 and gives effect to shíshálh’s indigenous rights and title in view of the facility’s ongoing operation in their territory, enshrines collaborative decision-making and governance, and will result in equity ownership and profit sharing for the project.
“We are very pleased with finalizing the terms of this important agreement with BC Hydro as securing the future of this world-class project benefits the environment, the people of British Columbia, and our partners at the shíshálh Nation.” David Eva, Capstone CEO
“shíshálh Nation is happy to get this agreement finalized. Although shíshálh Nation is a leader in business engagement, we hold the environmental health of our territory paramount, and that includes important resources like a flourishing salmon population. This project creates business opportunities for our Nation but does so without sacrificing the health of our territory.” H. Warren Paull, Chief, shíshálh Nation
The Sechelt Creek Hydro Project is a traditional run-of-the-river hydro facility that has been recognized for its environmental stewardship efforts. In 2005, the project was awarded the International Hydro Association’s Blue Planet Award for Environmental Excellence and in 2013 Clean Energy BC presented the facility with an award for Environmental Stewardship and Community Improvement. The second award recognizes Capstone’s work with shíshálh Nation for the protection and continual efforts to enhance and protect the salmon run in Sechelt Creek.
The EPA is subject to the approval of the British Columbia Utilities Commission.
About Capstone Infrastructure Corporation
Capstone's mission is to provide investors with an attractive total return from responsibly managed long-term investments in power generation in North America. The company's strategy is to develop, acquire and manage a portfolio of high quality power businesses that operate in a contractually-defined environment and generate stable cash flow. Capstone currently owns, operates and develops thermal and renewable power generation facilities in North America with a total installed capacity of net 541 megawatts. Please visit www.capstoneinfrastructure.com for more information.
About shíshálh Nation
shíshálh Nation is a self-governing and culturally rich indigenous Nation which flourishes in both traditional and modern cultures and economies. While respect for shíshálh indigenous rights, including title, is paramount to the shíshálh people, shíshálh continues to establish and support many business opportunities in shíshálh territory done in the right way, with respect and recognition of the paramountcy of our people’s connection to our land.
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For further information, please contact:
David Eva
Chief Executive Officer
(416) 649-1300
deva@capstoneinfra.com