TORONTO, December 10, 2013 — Kensington Capital Advisors Inc. is pleased to announce an investment by the Kensington Power Income Fund for the purchase of the Crowsnest Pass Power Plant from Mistral Power Inc. Following the completion of this investment, the Kensington Power Income Fund owns all or part of six different power plants located in Western Canada. The transaction was effective December 1st, 2013.
The Crowsnest Pass Power Plant is a heat recovery plant located in the municipality of Sparwood, British Columbia, which converts thermal energy (waste heat) in the exhaust gas of a gas compressor into electrical energy. The electricity produced is sold to British Columbia Hydro under a long term contract.
“The Crowsnest Power Plant is a green energy project that we are proud to include in our portfolio,” stated Suganya Tharmalingam, a Principal with Kensington Capital. “This investment meets all of our investment criteria consistent with our plan to continue investing through the coming months,” added John H. Walker, Managing Director of Kensington responsible for the infrastructure business.
The Kensington Power Income Fund is a Limited Partnership investing in power assets located in Canada and the United States. The Fund pays quarterly distributions to investors.
Mistral Power Inc. is part of the Mistral Energy Inc. (“Mistral”) group of companies based in Calgary. Mistral is a portfolio company of the Riverstone/Carlyle Group of New York. Mistral commenced business in 2010 and was founded by the former executive team of Taylor NGL Limited Partnership. Mistral is engaged in building, owning and operating energy infrastructure such as processing plants, pipelines, terminals and storage facilities that support both the natural gas and the natural gas liquids industry. Mistral also develops projects that involve power generation associated with green energy or cogeneration applications. For more information on Mistral Energy Inc. please visit www.mistralenergy.ca.
Kensington Capital, founded in 1996, is a leading Canadian investor in alternative investments. Kensington is best known for its private equity investment programs, having committed over $600 million since 2002, and is an active investor in infrastructure assets and hedge funds. Institutional investors such as pension funds and professional asset managers, as well as high net-worth individuals and retail investors, hold Kensington funds. For more information on Kensington and current offerings, please visit www.kcpl.ca.
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