Capital Power announces long-term renewable power purchase agreement with Dow
16 September 2021 - 6:30AM
Capital Power Corporation (TSX: CPX) announced today a 15-year
renewable power purchase agreement with Dow Chemical Canada ULC, a
subsidiary of Dow (NYSE: DOW), for 25 megawatts (MW) of capacity
and the associated environmental attributes from our Whitla Wind 2
project, currently under construction in southeastern Alberta.
“Capital Power is excited to supply Dow with renewable
electricity,” said Jason Comandante, Vice President, Commercial
Services, Canada West. “We are continuing to work with partners to
develop customized solutions to help them meet their clean energy
targets. It is gratifying to work with others toward a carbon
neutral future.”
This long-term agreement demonstrates cross-industry
collaboration to support grid diversity and increasing renewable
electricity – empowering both companies to advance their
sustainability priorities, tackle climate change and deliver a
low-carbon future. Currently under construction, the 151-MW Whitla
Wind 2 project is expected to be online and producing renewable
energy by the end of 2021 – completing the Whitla Wind facility,
which will be Alberta’s largest wind facility with 353 MW of
generation capacity.
“Our longstanding, positive relationship with Capital Power
began over twenty years ago, and remains strong today,” said Edward
Stones, Global Director, Dow Energy and Climate Change Business.
“We continue to partner with suppliers like Capital Power to
competitively and sustainably source the power needed for Dow’s
global operations. This new agreement further reduces our footprint
at Dow’s Prentiss manufacturing site with the added benefit of
supporting a more renewable grid in Alberta.”
Dow is a leading user of clean power in the chemical industry
and among the top 20 globally. In 2020, Dow increased contracted
renewable power by 50% to more than 800 MW of capacity, surpassing
the company’s 2025 Sustainability Goal of obtaining 750 MW of its
power demand from renewable sources.
Capital Power Forward-looking
informationCertain information in this news release is
forward-looking information for Capital Power within the meaning of
Canadian securities laws as it relates to anticipated financial or
operating performance or events. When used in this context, words
such as “expect” or similar words suggest future outcomes. By their
nature, such statements are subject to significant risks,
assumptions and uncertainties, which could cause Capital Power’s
actual results and experience to be materially different than the
anticipated results. Forward-looking information or statements
included in this news release are provided to inform Capital
Power’s shareholders and potential investors about management’s
assessment of future plans and operations. This information may not
be appropriate for other purposes. Material forward-looking
information in this press release includes expectations pertaining
to the timing of construction and commercial operations
commencement of the Whitla Wind 2 project.
This statement is based on certain assumptions and analyses made
by Capital Power in light of its experience and perception of
historical trends, current conditions, expected future
developments, and other factors it believes are appropriate,
including assumptions around: (i) performance; and (ii) the status
of and impact of policy, legislation and regulations. Whether the
actual timing will conform to Capital Power’s expectations is
subject to a number of known and unknown risks and uncertainties
which could cause the actual timing to differ materially from
Capital Power’s expectations. Such material risks and uncertainties
are: (i) regulatory and political environments including changes to
environmental legislation; and (ii) changes in general economic and
competitive conditions. See Risk Factors in Capital Power’s 2020
Integrated Annual Report, for further discussion of these and other
risks.
Readers are cautioned not to place undue reliance on any such
forward-looking statements, which speak only as of the specified
approval date. Capital Power does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in Capital Power’s expectations or any change in events, conditions
or circumstances on which any such statement is based, except as
required by law.
About Capital PowerCapital 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 and are committed to be off coal in 2023.
Capital Power owns over 6,400 MW of power generation capacity at 26
facilities across North America. Projects in advanced development
include 425 MW of owned renewable generation capacity in North
Carolina and Alberta and 560 MW of incremental natural gas combined
cycle capacity from the repowering of Genesee 1 and 2 in
Alberta.
For more information, please
contact:
Media Relations:Katherine Perron(780)
392-5335kperron@capitalpower.com |
Investor Relations:Randy Mah(780) 392-5305 or
(866) 896-4636 (toll-free)investor@capitalpower.com |
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