On November 2, 2021, Capstone Infrastructure Corporation (Capstone Infrastructure) completed its acquisition of all the issued and outstanding shares of NaturEner Prairie Home 2 Energy Inc., NaturEner Wild Rose 1 Energy Inc. and NaturEner Wild Rose 2 Energy Inc.
The acquisition has been in the works intermittently since 2016. Thanks to a successful bid during an auction process, the transaction was revived in 2021.
With 29 power facilities in five provinces, Capstone Infrastructure generates enough electricity from wind, solar, hydro, biomass and natural gas to power about 150,000 households annually. These recent acquisitions from U.S.-based NaturEner expand its presence in Alberta, including the Wild Rose 2 wind farm, a 192 MW renewable energy facility located in Cypress County, Alberta, approximately 60 km southeast of Medicine Hat, currently in development.
Following the acquisition, Capstone has secured two offtake agreements to sell the power and renewable attributes generated by the project to Pembina Pipeline Corporation (105 MW over 15 years) and City of Edmonton (78 MW over 20 years).
Blake, Cassels & Graydon LLP represented Capstone with a team led by Keith Byblow and including Maximilian Ettinger, Austin Beck and Victoria Gall (Corporate/M&A); Scott Birse (Environmental); Cassandra Brown and Psalm Cheung (Competition); Monica Cheng and Daniel Jankovic (Tax); Jay Geers, Janna Newman and Rodney Perkins (Real Estate); Keith Marlowe (Litigation); Sean Maxwell (Pensions); Birch Miller (Employment) and Terri-Lee Oleniuk (Regulatory).
Osler, Hoskin & Harcourt LLP represented NaturEner with a team led by Paula Olexiuk (Energy), Kelsey Armstrong (Corporate), Bryce Kustra (Real Estate) and Colena Der (Tax).