Capstone Infrastructure Explained

Capstone Infrastructure Corporation
Type:Public
Location City:Toronto
Location Country:Canada
Key People:Michael Bernstein, President & CEO
Industry:Electricity Generation
Revenue:C$138.48m
Operating Income:C$20.91m
Net Income:C$11.26m
Subsid:Clean Power Operating Trust

Capstone Infrastructure Corporation, formerly known as Macquarie Power & Infrastructure Income Fund (MP&I), is a Toronto, Ontario-based open-ended trust that invests in the following types of power generation assets: Natural Gas cogeneration, Wind, Hydro, Biomass and Solar.[1]

Corporate history

Macquarie Power & Infrastructure Income Fund (MP&I) first listed on the Toronto Stock Exchange in April 2004 as Macquarie Power Income Fund with the 156MW Cardinal natural gas plant as its sole asset.[2] In April 2005, the fund's founding President & CEO Bob Rollison announced a broader acquisition strategy that would include infrastructure assets beyond the energy sector.[3]

Leisureworld Acquisition and Divestiture

This broader mandate allowed MP&I to acquire 45% of Leisureworld, an operator of Long-Term care facilities in Ontario, in 2005. However, management opted to divest this asset in 2009 - arguing that they wanted to focus more on "core infrastructure categories, such as power generation, electricity transmission or distribution, and utilities and transportation."[4]

Subsidiaries and related firms

Regional Power

Regional Power, a subsidiary of Manulife Financial, oversees the day-to-day operations at MP&I's four hydro facilities (Sechelt, Hluey Lakes, Dryden and Wawatay).

Clean Energy Income Fund

In June 2007, MP&I completed the purchase of Clean Power Income Fund, which roughly doubled its assets.[5] This transaction marked MP&I's entry into the renewable energy market, as it acquired one wind farm (Erie Shores), four hydro projects (Sechelt, Hluey Lakes, Wawatay and Dryden), the Whitecourt biomass plant, and a 31.3% interest in the Chapais biomass plant.

Projects

Operational Power Projects

NameLocation Fuel Source Capacity (MW)
Cardinal Ontario Natural Gas 156 [6]
Erie ShoresOntario Wind 99 [7]
GanaraskaOntarioWind17[8]
Sechelt British Columbia Hydro 16 [9]
Hluey Lakes British Columbia Hydro 3 [10]
Wawatay Ontario Hydro 14 [11]
Dryden Ontario Hydro 3 [12]
Whitecourt Alberta Biomass 25 [13]
Chapais Québec Biomass 28 [14]

Projects under construction

MP&I is developing a 20MW solar park in Amherstburg, Ontario. SunPower has been contracted to design, build and operate the facility, which has been awarded a 30-year Power Purchase Agreement by the Ontario Power Authority.[15]

Notes and References

  1. Web site: Macquarie Group Limited | Global Financial Services. www.macquarie.com.
  2. Macquarie Power Income Fund Media Release, 30 April 2004
  3. Macquarie Power Income Fund Press Release, 14 April 2005
  4. MP&I Annual Report, 2009
  5. MP&I Annual Report, 2007
  6. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Cardinal . 2010-12-03 . dead . https://web.archive.org/web/20101228073919/http://www.macquarie.com/mgl/mpt/Portfolio/Gas%2BGogeneration/Cardinal . 2010-12-28 .
  7. Web site: Power Portfolio . 2024-01-20 . capstoneinfrastructure.com.
  8. Web site: Power Portfolio . 2024-01-21 . www.capstoneinfrastructure.com.
  9. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Sechelt . 2010-12-03 . dead . https://web.archive.org/web/20101228075629/http://www.macquarie.com/mgl/mpt/Portfolio/Hydro%2BPower/Sechelt . 2010-12-28 .
  10. Web site: At-a-glance Capstone Infrastructure's mission is to build and responsibly manage a high quality portfolio of core infrastructure businesses in Canada and internationally in order to deliver a superior total return to our investors through stable dividends and capital appreciation. Our portfolio currently includes power infrastructure and utilities businesses in Canada and Sweden, respectively.. https://web.archive.org/web/20110923012750/http://capstoneinfrastructure.com/About/AtaGlance.aspx . 2011-09-23. 2011-09-23 . July 6, 2023.
  11. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Wawatay . 2010-12-03 . dead . https://web.archive.org/web/20101228173852/http://www.macquarie.com/mgl/mpt/Portfolio/Hydro%2BPower/Wawatay . 2010-12-28 .
  12. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Dryden . 2010-12-03 . dead . https://web.archive.org/web/20101228174234/http://www.macquarie.com/mgl/mpt/Portfolio/Hydro%2BPower/Dryden . 2010-12-28 .
  13. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Whitecourt . 2010-12-03 . dead . https://web.archive.org/web/20101004014235/http://www.macquarie.com/mgl/mpt/Portfolio/Biomass%2BPower/Whitecourt . 2010-10-04 .
  14. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Chapais . 2010-12-03 . dead . https://web.archive.org/web/20101228174119/http://www.macquarie.com/mgl/mpt/Portfolio/Biomass%2BPower/Chapais . 2010-12-28 .
  15. Web site: Macquarie Power & Infrastructure Income Fund - Portfolio - Amherstburg Solar Park . 2010-12-03 . dead . https://web.archive.org/web/20101228080037/http://www.macquarie.com/mgl/mpt/Portfolio/Solar%2BPower/Amherstburg%2BSolar%2BPark . 2010-12-28 .

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