Capital Power commissions two energy storage projects

Executive Summary

• Capital Power Corp. has achieved commercial operations for two battery energy storage systems (BESS) in Ontario: the 120-megawatt York project and the 50-megawatt Goreway project.
• Both projects were delivered on time, under budget, and with an excellent safety record, reinforcing the company's position as a leader in Ontario's BESS development.
• The combined 170-megawatt capacity will add approximately $35 million in contracted annual EBITDA for over 20 years, with contracts in place until 2047 through the Ontario IESO.

Key Details

• York Project: 120-megawatt battery energy storage system.
• Goreway Project: 50-megawatt battery energy storage system.
• Total Capacity: Combined 170 megawatts of storage.
• Financial Impact: Approximately $35 million in contracted annual earnings before interest, taxes, depreciation, and amortization (EBITDA).
• Contract Duration: Projects are contracted until 2047.
• Counterparty: Ontario Independent Electricity System Operator (IESO), secured via the expedited long-term 1 RFP process.
• Construction Metrics: Nearly 12 months of construction; over 183,000 person-hours of work.
• Strategic Context: Enhances portfolio of flexible generation sources to provide grid stability, support renewable integration, and meet growing electricity demand in Ontario.

Notable Quotes

• Jason Comandante, Senior Vice-President, Head of Canada: "We're proud to deliver our first ever battery storage projects. These facilities enhance our portfolio of flexible generation sources that provide grid stability, support the integration of renewable resources and meet the province's unprecedented, growing demand for electricity."
• Stephen Lecce, Minister of Energy and Mines: "Ontario launched the largest energy procurement in provincial history, with one goal: keep power affordable and always reliable for families. I am encouraged to see companies like Capital Power rising to the challenge and expanding their presence in our province as we launch the York and Goreway battery energy storage systems."