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Capstone Infrastructure secures C$138.1M in project funds

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Capstone Infrastructure secures C$138.1M in project funds

CapstoneInfrastructure Corp. said March 30 that it had secured financingfor two projects: The 156-MW Cardinal gas facility and the 18-MW wind facility.

The company secured C$83 million for Cardinal, comprising aC$13 million letter of credit facility and a C$70 million seven-year term loan withan annual interest rate of 2.68%. The C$70 million loan will fully amortizeover the remainder of the facility's non-utility generator agreement whichexpires in 2034.

Concurrently, the amount of money Capstone can withdraw fromits revolving credit facility has also been reduced to C$60 million from C$90million and the drawn balance has been repaid in full.

For Grey Highlands, the company secured a five-year loan ofC$55.1 million which incurs interest at a rate of 2.89% for the first threeyears and 3.12% for the remaining two years; the loan amortize over 18 years.

In separate news, the company said it had commissioned the10-MW Grey Highlands ZeroEmission People wind farm in Ontario and is on track to commissionthe 18-MW Ganaraska facility during the second quarter of this year.

Capstone Infrastructure is in the process of beingacquired by IrvingInfrastructure Corp.