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Client Work

Capstone Infrastructure completes internalization of management

Fasken
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Client

Capstone Infrastructure Corporation (acting for the Special Committee)

On April 15, 2011, Capstone Infrastructure Corporation (TSX:CSE), formerly Macquarie Power and Infrastructure Corporation, announced that it had completed the internalization of all management and administration functions previously performed by Macquarie Power Management and its affiliates. The internalization was negotiated by a Special Committee of independent members of the Company's Board of Directors. The Special Committee evaluated various options with respect to the relationship between Capstone and Macquarie in light of the conversion of Capstone from an income trust to a dividend-paying corporation. This evaluation led the Special Committee to the determination that it would be beneficial to internalize management and terminate its previous arrangements with Macquarie. In conjunction with the internalization, the Company adopted the name Capstone Infrastructure Corporation. Capstone's mission is to build and responsibly manage a high quality portfolio of infrastructure businesses in Canada and internationally. Its portfolio includes investments in gas cogeneration, wind, hydro and biomass power generating facilities, representing approximately 350 MW of installed capacity, and a 33.3% interest in a district heating business in Sweden. Capstone is also currently developing a 20 MW solar power facility in Ontario. The Special Committee was advised in this internalization by Jon Levin and Daniel Batista of Fasken Martineau.

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