Capital Power announces a 23-year clean electricity supply agreement with Public Services and Procurement Canada

EDMONTON, Alberta, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) (“Capital Power”) has entered into a 23-year clean electricity supply agreement (the “Agreement”) with (“PSPC”) to meet the power needs of all federal government buildings in Alberta with clean electricity effective January 1, 2023.

The Agreement will provide approximately 250,000 megawatt-hours (“MWh”) of electricity per year initially through Canada-sourced renewable energy credits (“RECs”) until Capital Power’s proposed Alberta-based Halkirk 2 Wind project is completed, which is expected to be operational by January 1, 2025 (subject to regulatory approval). The 151 MW Halkirk 2 Wind project will provide renewable energy for the remainder of the term – representing approximately 49% of the facility’s output. As part of the agreement, Capital Power will also secure an equity partnership with local Indigenous organizations related to the project.

“We’re pleased to support the Government of Canada’s commitment to power all federal buildings with 100% clean electricity by 2025,” said Chris Kopecky, Senior Vice President and Chief Legal, Development and Commercial Officer. “Collaborative agreements like this support our collective net zero goals, provide opportunities to meaningfully engage Indigenous communities, and help advance the development of renewable power generation facilities.”

“This initiative with Capital Power is an important step to support communities and protect our environment by investing in renewable electricity,” said the Honourable Helena Jaczek, Minister of Public Services and Procurement. “Through this long-term project we are greening federal operations, fighting climate change and creating a healthier environment for Canadians.”

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts. Capital Power owns approximately 7,500 MW of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 310 MW of owned renewable generation capacity in North Carolina and Alberta and 512 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.