Capstone Infrastructure

Capstone Infrastructure Corporation was a Canadian infrastructure investment business based in Toronto, Ontario. The organization was formerly known as Macquarie Power & Infrastructure Income Fund, or MP&I, and earlier operated under the name Macquarie Power Income Fund. Its business model centered on owning or investing in infrastructure assets that could generate relatively stable operating and contracted cash flows, with power generation becoming the principal focus. The fund entered the public market in April 2004, when it listed on the Toronto Stock Exchange as Macquarie Power Income Fund. At that time, its portfolio consisted of a single major asset: the 156-megawatt Cardinal natural-gas-fired power plant. In April 2005, founding President and Chief Executive Officer Bob Rollison described a broader acquisition strategy. The stated mandate extended beyond electricity generation into other infrastructure categories, reflecting the income-fund model then used by several Canadian publicly traded vehicles. That broader mandate led to the acquisition of a 45 percent interest in Leisureworld in 2005. Leisureworld operated long-term-care facilities in Ontario, making the investment materially different from MP&I's power assets. Management subsequently divested the holding in 2009. The disposal was presented as a strategic effort to concentrate the portfolio on infrastructure categories regarded as more central to the business, including power generation, electricity transmission and distribution, utilities, and transportation. A major expansion occurred in June 2007, when MP&I completed the purchase of Clean Power Income Fund. The transaction approximately doubled the scale of the asset base and marked MP&I's entry into renewable energy. Through the acquisition, the organization obtained an ownership interest in the Erie Shores wind farm, four hydroelectric projects—Sechelt, Hluey Lakes, Wawatay and Dryden—the Whitecourt biomass facility, and a 31.3 percent interest in the Chapais biomass plant. The portfolio therefore combined conventional thermal generation with wind, hydroelectric and biomass assets. Regional Power, a subsidiary of Manulife Financial, was identified as overseeing day-to-day operations at four of MP&I's hydro facilities: Sechelt, Hluey Lakes, Dryden and Wawatay. This arrangement illustrates the distinction between the investment vehicle's ownership role and the operational management of individual facilities. The organization also pursued solar development. It developed a planned 20-megawatt solar park in Amherstburg, Ontario. SunPower was contracted to design, build and operate the facility, and the project received a 30-year power-purchase agreement from the Ontario Power Authority. The planned solar project represented an extension of the portfolio into utility-scale solar generation and a further move toward a diversified renewable-energy mix. The Capstone Infrastructure name is associated with the organization's evolution from a single-asset, publicly listed power-income fund into a broader infrastructure platform with conventional and renewable generation holdings. The available reference material does not establish the organization's later ownership, operating status, executive roster, website, or definitive corporate end state; those fields therefore remain unconfirmed.

Capstone Infrastructure's documented history begins with its earlier identity as Macquarie Power Income Fund. The fund listed on the Toronto Stock Exchange in April 2004. Its initial portfolio was concentrated in one asset, the 156-megawatt Cardinal natural-gas plant, giving the newly public vehicle a straightforward power-generation profile. In April 2005, founding President and CEO Bob Rollison outlined a broader acquisition strategy. The fund sought to expand beyond electricity generation and consider infrastructure assets in other sectors. This strategy led to the purchase of a 45 percent interest in Leisureworld later in 2005. Leisureworld operated long-term-care facilities in Ontario, and the investment demonstrated the breadth of the fund's initial infrastructure mandate. The cross-sector strategy was later narrowed. In 2009, management divested the Leisureworld investment and stated that it intended to concentrate on infrastructure categories considered core to the organization. These included power generation, electricity transmission and distribution, utilities and transportation. The divestiture was therefore both an asset sale and a portfolio-repositioning decision. The most important expansion in the available history took place in June 2007, when Macquarie Power & Infrastructure Income Fund completed its purchase of Clean Power Income Fund. The transaction approximately doubled the organization's assets and brought it into renewable energy. The acquired portfolio included the Erie Shores wind farm, four hydro projects—Sechelt, Hluey Lakes, Wawatay and Dryden—the Whitecourt biomass plant, and a 31.3 percent interest in the Chapais biomass plant. These assets diversified the organization across wind, hydroelectric and biomass generation while retaining its exposure to power infrastructure. Operational responsibilities were not necessarily performed directly by the investment fund. Regional Power, described as a subsidiary of Manulife Financial, oversaw daily operations at the Sechelt, Hluey Lakes, Dryden and Wawatay hydro facilities. This operating relationship formed part of the asset-management structure supporting the portfolio. The company also pursued utility-scale solar development in Ontario. It worked on a 20-megawatt solar park in Amherstburg, with SunPower contracted to design, build and operate the facility. The project was awarded a 30-year power-purchase agreement by the Ontario Power Authority, providing a long-duration contractual framework for the planned generation. Across these stages, the organization evolved from a single-asset power-income fund into a diversified Canadian infrastructure platform. Its documented portfolio combined natural-gas generation with wind, hydro, biomass and planned solar assets. The available sources do not provide sufficient information to confirm the exact date of the Capstone Infrastructure rebranding, its subsequent ownership, current operations, or final corporate status.

• 2009

  Leisureworld divestiture

  [1]Capstone Infrastructureen.wikipedia.org

  The organization sold its Leisureworld interest to refocus on core infrastructure categories.

• 2007

  Clean Power Income Fund acquisition

  [1]Capstone Infrastructureen.wikipedia.org

  The acquisition approximately doubled the asset base and added wind, hydroelectric and biomass projects.

• 2005

  Broader infrastructure strategy announced

  [1]Capstone Infrastructureen.wikipedia.org

  Management announced an acquisition strategy extending beyond power generation into additional infrastructure categories.

• 2005

  Leisureworld investment

  [1]Capstone Infrastructureen.wikipedia.org

  MP&I acquired a 45 percent interest in Leisureworld, an Ontario long-term-care operator.

• 2004

  Toronto Stock Exchange listing

  [1]Capstone Infrastructureen.wikipedia.org

  Macquarie Power Income Fund listed on the Toronto Stock Exchange with the Cardinal natural-gas plant as its only asset.

A Canadian infrastructure investment platform positioned around ownership and development of contracted or operating power-generation assets, with a portfolio spanning conventional natural-gas generation and renewable technologies.

• Natural-gas power generation

  Cardinal power plant

  A 156-megawatt natural-gas power plant that served as the sole asset of Macquarie Power Income Fund when the fund listed on the Toronto Stock Exchange in 2004. It established the organization's initial focus on operating or investing in conventional electricity-generation infrastructure.

• Wind power · 2007

  Erie Shores wind farm

  A wind-generation asset acquired through the 2007 purchase of Clean Power Income Fund. Erie Shores represented MP&I's entry into renewable-energy infrastructure and expanded its portfolio beyond natural-gas generation.

• Hydroelectric power · 2007

  Sechelt, Hluey Lakes, Wawatay and Dryden hydro projects

  Four hydroelectric projects added through the Clean Power Income Fund acquisition. Regional Power, a Manulife Financial subsidiary, was identified as overseeing their day-to-day operations.

• Biomass power generation · 2007

  Whitecourt biomass plant

  A biomass-generation facility acquired as part of the Clean Power Income Fund transaction. It added a renewable-fuel generation asset to MP&I's expanding portfolio.

• Biomass power generation · 2007

  Chapais biomass plant interest

  A 31.3 percent interest in the Chapais biomass plant acquired through the Clean Power Income Fund purchase.

• Solar power development

  Amherstburg solar park

  A planned 20-megawatt solar park in Amherstburg, Ontario. SunPower was contracted to design, build and operate the facility, and the project received a 30-year power-purchase agreement from the Ontario Power Authority.

• 2009

  Refocus on core infrastructure categoriesStrategy

  Background

  The Leisureworld investment was outside the organization's principal power and utility activities.

  Action taken

  Management divested the 45 percent Leisureworld interest.

  Aftermath

  The portfolio was refocused on power generation, electricity transmission and distribution, utilities and transportation.

  Source

• 2007

  Acquire Clean Power Income FundM&A

  Background

  MP&I sought to increase scale and enter renewable-energy generation.

  Action taken

  The organization completed the purchase of Clean Power Income Fund.

  Aftermath

  The transaction approximately doubled the asset base and added wind, hydroelectric and biomass projects.

  Source

• 2005

  Broaden the acquisition mandate beyond power generationStrategy

  Background

  The fund began with a single power-generation asset but sought to use its infrastructure mandate to expand into other asset classes.

  Action taken

  Management announced that future acquisitions could include infrastructure outside the electricity-generation sector.

  Aftermath

  The strategy led to the 2005 acquisition of a 45 percent interest in Leisureworld.

  Source

• 2020.01.30

  Reported2020.01.31

  Capstone acquires 51% interest in Claresholm Solar Project[2]Capstone 收购 Claresholm 太阳能项目 51% 权益canadianmanufacturing.com

  Capstone Infrastructure Corp. announced that it acquired a 51% interest in the 132-megawatt Claresholm Solar Project from Perimeter Solar Inc.

Read more

1. 1Capstone Infrastructureen.wikipedia.org
2. 2Capstone 收购 Claresholm 太阳能项目 51% 权益canadianmanufacturing.com