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Michael Bernstein, President and Chief Executive Officer, stated:
We are continuing to progress our wind power projects on schedule and in line with our expectations, including establishing financing on attractive terms for Skyway 8 and now Saint-Philémon. In addition, we have enhanced our financial flexibility at the corporate level. With the continuing strong performance of our businesses and solid financial position, we are well capitalized and positioned to execute our strategy to create value for shareholders.
Stonebridge Financial Corporation will provide up to CAD$60.5 million in project-level construction and long-term financing for the Saint-Philémon wind power project. The Saint-Philémon wind energy development project asset is located in the Chaudière-Appalaches region of Québec, approximately 70 kilometres southeast of Québec City. The project is on private and public lands covering an area of approximately 1,600 hectares.
In July, 2010, Sprott Power in cooperation with community partners the Town of Saint-Philémon, Municipalité de Saint-Philémon and RMC de Bellechasse submitted a 24 MW bid to Hydro-Quebec Distribution ("HQD"). In December 2010, HQD awarded the Saint-Philémon project a Power Purchase Agreement. The project is scheduled to achieve commercial operation in late 2014.
Capstone has also increased the capacity of its existing corporate credit facility to CAD$90 million from CAD$50 million previously. Part of the facility may be used to fund planned maintenance and the upgrades required at the Cardinal gas cogeneration facility to support dispatchable operations starting in January 2015.
Capstone Infrastructure Corporation is a Toronto, Ontario-based open-ended trust that invests in the following types of power generation assets: Natural Gas cogeneration, Wind, Hydro, Biomass and Solar. It was formerly known as Macquarie Power & Infrastructure Income Fund. The company's strategy is to develop, acquire and manage a portfolio of high quality utilities, power and transportation businesses, and public-private partnerships that operate in a regulated or contractually-defined environment and generate stable cash flow.