Press Release
TORONTO, ONTARIO–(June 23, 2016) – Capstone Infrastructure Corporation (“Capstone” or the “Corporation”) (TSX:CSE.PR.A) acknowledged today that the Ontario Electricity Financial Corporation (“OEFC”) filed an application with the Supreme Court of Canada seeking leave to appeal the April 19, 2016 decision of the Ontario Court of Appeal and gave notice that it also intends to seek a stay of the retroactive payments owing to Capstone and the other power producers involved in the litigation pending the Supreme Court’s determination.
The Court of Appeal’s April 19, 2016 decision upheld an earlier March 12, 2015 decision of the Ontario Superior Court of Justice. That Superior Court decision determined, among other things, that OEFC did not properly calculate the price paid for electricity generated under its power purchase agreements (“PPAs”) with Capstone and a number of other power producers in Ontario and that OEFC was required to revert to its pre-2011 methodology for calculating payments under the PPAs and pay producers, including Capstone, the difference between the payments calculated by OEFC since 2011 and the amount of payments they would have received using the pre-2011 methodology, plus interests and costs.
About Capstone Infrastructure Corporation
Capstone owns Capstone Power Corp. (100% ownership), which owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of net 482 megawatts, and Capstone also has significant shareholdings in two utilities businesses in Europe, Bristol Water (50% ownership), a water utility in the United Kingdom, and Värmevärden (33.3% ownership), a district heating business in Sweden. Please visit www.capstoneinfrastructure.com for more information.
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