Capital Power announces long-term renewable power purchase agreement with Dow
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 information
Certain 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 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 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.
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