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Capital Power grows contracted power generation close to 1GW

CTBR Staff Writer Published 15 June 2017

Canada-based Capital Power’s 178MW Bloom Wind project in the US state of Kansas began commercial operations to take its contracted power generation to approximately 1GW.

The construction of the Bloom Wind project was completed ahead of schedule, stated the company. Also, it said the construction costs of the wind project, developed through a 10-year proxy revenue swap agreement with Allianz Risk Transfer, were under its allocated budget.

Earlier this month, the Canadian energy developer completed acquisition of a combined 10MW of zero-emissions waste heat generation from two facilities in the Canadian province of British Columbia from Veresen. The two waste heat facilities, each of 5MW had secured 20-year power purchase agreements with BC Hydro.

In other developments towards growing its contracted growth, Capital Power closed the $448m acquisition of the Decatur Energy Center which is a 795MW natural gas-fired combined cycle power generation plant in Decatur, Alabama. According to its new owner, the combined-cycle facility is fully contracted till 2022.

Capital Power president and CEO Brian Vaasjo said: “The addition of Decatur Energy, along with the gas-fired and waste heat generation facilities from the Veresen acquisition, has further diversified our generation fleet throughout North America.

“The addition of 1,267 MW of contracted assets since the beginning of 2017 has increased the scale of the company’s operations and aligns with our financial strategy of increasing our contracted cash flow and diversifying our portfolio.”

Capital Power stated that the commercial power generation from the Bloom Wind project and the closing of the acquisitions of the Decatur Energy Center and the two waste heat facilities had diversified its portfolio while growing its contracted cash flow.