TORONTO, ONTARIO–(Marketwired – March 27, 2017) – Capstone Infrastructure Corporation (TSX:CSE.PR.A) and the shíshálh Nation are pleased to announce they have signed an agreement for the Sechelt Creek Hydro Project, located in British Columbia. This agreement recognizes 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, which will provide significant economic benefits to shíshálh. The agreement is the successful result of a positive 20-year history of collaboration on the project, and more recently, a mutually respectful engagement between shíshálh and Capstone, who sought to modernize their relationship with shíshálh and the shíshálh territory in which Capstone continues to operate. Capstone and shíshálh are committed to working together as partners to ensure a continued long-term life of the Sechelt Creek Hydro Project.
“We are pleased to now be official partners in this renewable energy project,” commented Chief Calvin Craigan. “Capstone has worked with us to come to an agreement that recognizes and respects our role as an indigenous government. This long-term partnership is an example of how we are working with industry and ensuring the stewardship of our lands. We have a greater role in the operations of this facility going forward.”
“We are extremely pleased that shíshálh will be our partners throughout the life of this project. This agreement demonstrates our commitment to working with shíshálh to deliver reliable, efficient, and sustainable energy to the Sunshine Coast and British Columbia,” commented David Eva, Chief Executive Officer, Capstone Infrastructure Corporation.
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.
Efforts on protecting and building anadromous salmonids in Sechelt Creek continue through the ongoing monitoring of the man-made spawning channel and proposed improvements to in river habitats. “These projects and the partnership between Capstone and the Nation will ensure salmon and trout resources in Sechelt Creek continue to be protected for future generations,” said shíshálh Resource Director Sid Quinn.
The 16 megawatt run-of-river hydro facility began operation in 1997. The facility is located on Sechelt Creek, which flows into Salmon Inlet. The facility delivers the electricity it generates to BC Hydro’s transmission grid and on February 28, 2017, Capstone’s electricity purchase agreement with BC Hydro was extended from its original expiry on an interim basis.
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. Capstone’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 505 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.
Notice to Readers
Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words.
These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions.
The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
This document is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.
David Eva
Chief Executive Officer
(416) 649-1300
deva@capstoneinfra.com