BW Solar agrees to sell 1.3-gigawatt portfolio of solar and energy storage development sites to Capital Power

BW Solar Holding Inc., a subsidiary of BW Solar Inc., and Capital Power signed a Membership Interest Purchase and Sale Agreement on November 24, 2021, whereby Capital Power will acquire 100% of a portfolio of 20 solar and energy storage development sites (“portfolio”) in the United States. The acquisition provides Capital Power with an attractive solar and storage platform for continued growth in the rapidly growing solar market in the United States.

The portfolio has a total generation capacity of approximately 1,298 megawatts (MWac), with sites ranging in size from 15 MWac to 340 MWac. The portfolio also offers the potential to co-locate over 1200 megawatt-hours of energy storage. The majority of the projects are in the MISO, PJM, and SERC electricity markets and all are in the interconnection queues of their respective regional transmission organization. The portfolio has attractive constructability characteristics. The closing of the transaction is subject to customary conditions, and it is anticipated that sites will be construction-ready by 2024 with commercial operation dates between 2025 and 2026.

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About BW Solar:

BW Solar focuses on the development of solar power generation and energy storage projects, primarily in Canada and the United States. BW Solar’s development approach focuses on providing the lowest Levelized Cost of Energy (LCOE) and minimising development risk. To achieve this, the company is a vertically integrated developer that performs its own siting, permitting, development, engineering and construction, financing, and operations.

BW Solar Inc. is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955, BW controls a fleet of over 400 vessels and other floating assets, including oil production, gas import terminals, and wind-farm installation. The Group’s fleet of over 200 LNG and LPG ships constitutes the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment. BW has nine publicly-listed affiliates on the Oslo and New York Stock Exchanges, and the group’s main operating centre is in Singapore.

About Capital Power:

Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts and are committed to be off coal in 2023. Capital Power owns approximately 6,600 MW of power generation capacity at 26 facilities across North America. Projects in advanced development include approximately 425 MW of owned renewable generation capacity in North Carolina and Alberta and 560 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.

Contact Information – BW Solar:

Tai Nguyen
BW Solar Inc.
+1 (226) 978-5075
[email protected]

Contact Information – Capital Power:

Randy Mah
Director – Investor Relations
Email: [email protected]
Phone: 780-392-5305
Toll Free: 1-866-896-4636

Katherine Perron
Media Relations & Communications Manager
Email: [email protected]
Phone: 1-780-392-5335
After-hours contact: 1-780-392-5234