Capstone Infrastructure Expands Renewable Energy Portfolio

Since our last conversation with Capstone Infrastructure Corporation (Capstone) CEO David Eva in 2021, the company has made remarkable progress. Established in 2004, this Canadian developer, owner, and operator of clean and renewable energy facilities has rapidly expanded its investments in wind, solar, hydro, biomass, and natural gas co-generation power plants. As a result, Capstone has cemented its reputation as a leader in Canada’s transition toward sustainable energy.

During our previous discussion, we explored the development of the 132 MWac Claresholm Solar Project—Canada’s largest solar facility at the time—which is now successfully operational. “Over half of Claresholm’s generation capacity is contracted by TC Energy, but the plant has been performing well in Alberta’s strong merchant pricing environment,” David shares. Capstone has also secured power purchase agreements with Keyera Corporation, Pembina Pipeline Corporation, and the City of Edmonton—the largest direct municipal renewable energy procurement in Canada to date. These agreements have accelerated the development of over 300 MW of new wind and solar projects in Alberta, with the Michichi, Kneehill, and Buffalo Atlee projects already under construction. The 192 MW Wild Rose 2 wind farm is set to follow.

Alberta and California: Key Markets for Renewable Growth

“Alberta is the birthplace of wind energy in Canada,” David explains. “It has the country’s only open electricity market, allowing corporations to cut their carbon footprints by purchasing emissions-free electricity and carbon offsets directly from renewable power producers.” Alberta’s exceptional wind and solar resources, combined with modern turbine and photovoltaic technology, enable Capstone to offer competitive, reliable solutions to clients looking to decarbonize.

Building on its Canadian success, Capstone is now entering the US market, with California emerging as a key area of opportunity. “When we first focused on Alberta, we saw great potential, and now we recognize similar trends in California,” David notes. “The state offers robust support for renewables and a stable regulatory framework, making it an ideal market.” To advance its California projects, Capstone recently announced a joint venture with Eurowind Energy, a Danish renewable energy company.

Energy Storage: The Next Frontier

In addition to expanding wind and solar capabilities, Capstone has been developing energy storage solutions, a critical next step for the industry. “With wind and solar growing rapidly, we must ensure power is available when customers need it,” David explains. “Energy storage allows us to capture excess electricity when the wind is strong, and the sun is shining, and inject it back into the grid when demand is high.” This strategy is already taking shape in California and is now being applied to Alberta and Ontario.

Capstone currently has more than 110 MW of construction projects underway, with the 192 MW Wild Rose 2 project planned for 2023. These efforts bring the company closer to its goal of reaching 1 GW of total installed capacity.

A Bright Future in Renewable Energy

Alongside expansion in Alberta and California, Capstone remains highly active in Ontario, where multiple energy storage projects are in development. “We’re seeing a major push for capacity projects that integrate dispatchable generation and storage solutions,” David says. “Over the next five years, we plan to enter additional North American markets.”

Navigating the complexities of renewable energy development has not been without challenges, especially given the disruptions of the past two years. Yet, Capstone has remained resilient. “Our projects can take years to complete, but in some cases, progress moves faster than expected. Despite recent obstacles, demand for renewables continues to grow, and we’re meeting that demand head-on,” David says.

Looking ahead, Capstone’s focus will remain on completing existing projects while strengthening supplier relationships to support long-term growth. “For any company to establish itself as an industry leader, it must overcome challenges effectively. That’s why maintaining strong supplier partnerships and investing in our networks is essential,” David explains. “This approach will be key to our strategy over the next five years as we work to become a multi-gigawatt player in North American renewable energy and storage.”

Beyond expansion plans, David is excited about new opportunities in renewable energy and storage. He remains committed to maintaining Capstone’s high standards and ability to innovate. “Whether through rapid execution, new renewable products, or upholding the highest operational standards, we are confident that the years ahead will be even more successful than those before,” he concludes. “I’m proud to be part of this journey.”

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