Leading the Charge in Energy Transition through Innovation and Integrity: Capstone Infrastructure Corporation

Capstone Infrastructure Corporation, a leading player in North America’s renewable energy landscape, has been at the forefront of the clean energy transition for more than two decades. Established in 2004 as a subsidiary of Macquarie Bank, Capstone’s journey began with the public listing of its Cardinal Power natural gas co-generation plant. Over the years, the company evolved from its broader infrastructure and utility roots to become a dedicated clean and independent energy producer. Under the leadership of David Eva, who took the helm in 2016, Capstone embraced a new mandate—transitioning to a pure-play clean energy company, focusing on renewable power generation and accelerating the global shift to a low-carbon future.

Capstone’s mission is clear: to drive the energy transition forward through innovation, partnerships, and a commitment to environmental stewardship. As a developer, owner, and operator of renewable energy projects, the company boasts an impressive portfolio with approximately 885 megawatts (MW) of installed capacity across 35 facilities and a development pipeline exceeding 2 gigawatts (GW). The company’s technological expertise spans a range of sustainable solutions, including utility-scale wind, solar, run-of-river hydro, biomass, natural gas co-generation, and battery energy storage. While Capstone is firmly rooted in the future of renewable energy, it acknowledges the ongoing importance of natural gas, particularly in regions like Ontario where it continues to operate its Cardinal facility. Natural gas plays a critical role in compensating for periods of low wind and high demand, ensuring stability and reliability in the energy grid. However, as Capstone expands, the focus increasingly shifts towards zero-carbon technologies—particularly wind, solar, and battery storage, which are now the company’s core platforms.

Wind and solar have become some of the most cost-effective energy sources available today, offering the lowest cost of levelized electricity in many regions. . Yet, Capstone recognizes the challenge of intermittency with these sources. To achieve net-zero emissions and maintain grid reliability, energy storage solutions are essential. Lithium-ion battery technology, commonly used in consumer electronics, is now at the forefront of addressing this issue, providing an exciting opportunity to store excess renewable energy and deliver it to consumers when needed. Capstone is committed to being a key player in this transformation, ensuring that renewable energy remains reliable, affordable, and accessible for future generations.

Capstone’s Commitment to Safety and Operational Excellence

Capstone’s Operational Excellence Management System (“COEMS”) is an internal framework designed to ensure the effective management of its core activities, including developing, building, owning, and operating renewable electricity generation facilities.  Capstone has embedded several management strategies within COEMS covering key programs from health and safety to cyber security to capital project execution.  

Through these bespoke management programs, Capstone ensures safety, quality, and integrity throughout its operations, safeguarding employees, contractors, the environment, and the long-term value of the business. This commitment enables Capstone to meet and exceed the expectations of its investors, partners, employees, and the communities it serves.

Balancing Investor Confidence and the Energy Transition

Since being publicly traded on the Toronto Stock Exchange in 2004, Capstone Infrastructure has successfully managed investor expectations while adhering to its mission of advancing the global energy transition. By balancing financial stability with environmental responsibility, Capstone is increasingly directing its investments toward zero-carbon technologies, including wind, solar, and battery storage, ensuring both long-term shareholder value and a commitment to a sustainable energy future. Capstone recognizes that the energy industry is undergoing a significant transition. Natural gas, particularly at the company’s Cardinal Power facility in Ontario, continues to play a vital role in balancing power supply during periods of low wind and high demand. However, as Capstone’s business evolves, its focus is shifting more toward zero-carbon technologies. The company’s core technology platforms are now centered on wind, solar, and battery energy storage.

Wind and solar, when deployed in optimal locations, are among the most cost-effective sources of energy worldwide. Despite their affordability, these energy sources are intermittent. Capstone believes the challenge of intermittency must be addressed to ensure a reliable energy supply as the world moves toward a greener future. To achieve net-zero emissions, society needs power that is available consistently, regardless of natural fluctuations. As wind and solar increasingly dominate the energy grid, Capstone sees the importance of maintaining grid reliability. Lithium-ion batteries, the current leading technology for energy storage, are essential in this effort. The company recognizes the growing societal demand to store excess renewable energy and make it available affordably and reliably.

Path Ahead

Capstone is poised for a promising future as it advances in the development, ownership, and operation of utility-scale wind, solar and battery energy storage projects. The company’s presence across Canada, with wind farms

on the Atlantic coast and hydro plants on the Pacific, reflects a foundation built decades ago. Capstone’s nationwide operations showcase its deep roots in renewable energy. Five years ago, Capstone identified California as a prime growth market due to its strong commitment to decarbonization, expanding population, increasing power demands, and large, dynamic energy market. This strategic expansion positions Capstone to play a key role in the future of clean energy.

Meet the leader behind the success of Capstone Infrastructure Corporation

In his role as Chief Executive Officer, Mr. David Eva oversees all aspects of development, financing, construction, and operation activities that Capstone Infrastructure Corporation is engaged in across its expanding renewable portfolio, which includes wind, solar, run-of-river hydro, biomass, natural gas cogeneration, and battery energy storage. During his tenure as CEO, Mr. Eva has nearly doubled the total installed capacity (now 885 MW) and grown EBITDA by 125%. Under David’s leadership, Capstone has emerged as a market leader in renewable energy in Canada while leading the company’s expansion in the United States. Since 2018, Capstone has advanced to construction more than 460 MW in new solar and wind development projects in the country, representing over $850 million in capital investment.

David has also spearheaded Capstone’s leadership in forging partnerships with the private and public sectors to help organizations reach their climate and decarbonization targets, signing power purchase agreements with TC Energy, Keyera , Gibson Energy, Pembina Pipeline, and the City of Edmonton (in the largest direct procurement of renewable and environmental attributes by a Canadian municipality to date).

Under Mr. Eva’s leadership, Capstone is expanding its scope, growing impact, and re-committing to its solid relationships with municipalities, oil and gas operators, and Indigenous peoples to help decarbonize electricity grids across North America. In 2023, Capstone facilities avoided 500,000+ mtCO2e before selling offsets, and that number is only set to grow.

“Everyone at Capstone plays a role in our operational excellence program. Our approach encourages entrepreneurship and innovation, while ensuring we share a common “Capstone Way” of doing things, allowing our organization to scale and deliver on our mandate to protect people, the environment, and build value within the business.”