Capstone Infrastructure Corporation has secured a Renewable Energy Approval (REA) from the Ontario Ministry of the Environment and Climate Change.
The approval is for the 10-megawatt Snowy Ridge Wind Park, which is located in The City of Kawartha Lakes.
The company says REAs are a required step in Ontario for wind, solar and bio-energy generation facilities to proceed to the construction phase. So, the receipt of this REA completes a major milestone in the permitting and approvals process for Capstone’s pipeline of five Ontario-based wind projects, which (along with a project in Saskatchewan) represent a net capacity of 52.5 megawatts.
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“Since last August we have commissioned three wind farms, which represent annual adjusted EBITDA of $11 million,” says Michael Bernstein, president and CEO of Capstone.
Aside from Snowy Ridge, Capstone has received REAs for four other wind projects across Canada, and one in Saskatchewan is awaiting final permits—they’re all expected to be commissioned by the end 2017, and will likely generate total anticipated adjusted EBITDA of $14 million annually.