Partnering with Mitsubishi Heavy Industries Group and Kiewit Energy Group to capture 3 million tonnes of CO₂ per year

EDMONTON, Alberta, June 27, 2022 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) (“Capital Power”) has partnered with Mitsubishi Heavy Industries Group (“MHI Group”) and Kiewit Energy Group (“Kiewit”) on a front-end engineering and design (FEED) study for the Genesee CCS Project (the “Project”), advancing the commercial application of carbon capture and sequestration (“CCS”) technology at its Genesee Generating Station in Alberta.

“We’re excited to collaborate with MHI Group and Kiewit to advance our Genesee CCS Project,” said Steve Owens, SVP, Construction and Engineering for Capital Power. “The Project is expected to capture 95% of the CO₂ emitted from our repowered, best-in-class Genesee 1 and 2 natural gas units. Undertaking this FEED study is a significant step forward in decarbonizing our Genesee Generating Station as we work to power a sustainable future for people and planet.”

Capital Power has selected MHI Group as the technology licensor for the FEED study to deploy their proven Advanced KM CDR Process^TM as the basis for the carbon capture technology. MHI Group’s solution utilizes an updated KS-21^TM amine-based solvent technology that ensures the carbon will be captured effectively and efficiently from the flue gas stream. Building on Capital Power’s pre-FEED work to develop the Project, MHI Group has partnered with Kiewit to develop the next stage of engineering and design for the Project. The FEED study will establish overall performance expectations for the Project, create fundamental engineering deliverables, determine the preliminary design for integrating the Project with the repowered units and produce a class 2 capital cost estimate for the Project.

“We are proud to collaborate with Capital Power and Kiewit on this world leading project,” said Kenji Terasawa, President & CEO, Mitsubishi Heavy Industries Engineering. “We recognize Canada as highly proactive in pursuing environmental protection and is a promising market for decarbonization, and as an innovative solution provider, MHI Group is taking action to achieve a carbon neutral society by introducing our carbon capture technology. To realize this goal, we will work diligently with our partners to bring this project to fruition.”

“The Genesee CCS Project highlights Capital Power’s commitment to the energy transition, and we are excited to be a part of this important work,” said Rob Medley, Vice President at Kiewit. “The Project will have a tremendous impact on the decarbonization of the facility and advance the CCS industry as a whole.”

The FEED study is being conducted in parallel with the engineering work to advance the Open Access Wabamun Carbon Hub, led by Enbridge Inc, and is expected to be completed by June 2023. Black and Veatch will provide owner’s engineering oversight on behalf of Capital Power for the FEED study. Capital Power is expected to make a final investment decision on the Project by mid-2023 subject to certain conditions including successful completion of the FEED study and regulatory certainty on investment tax credits, carbon pricing and additional funding mechanisms to support the Project. The Project is anticipated to start capturing carbon as early as 2027.

About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts and are committed to be off coal in 2023. Capital Power owns approximately 6,600 MW of power generation capacity at 27 facilities across North America. Projects in advanced development include approximately 385 MW of owned renewable generation capacity in North Carolina and Alberta and 512 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.

About Mitsubishi Heavy Industries Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com. Mitsubishi Heavy Industries Engineering, Ltd. (“MHIENG”) is one of MHI Group companies, and MHIENG (originally MHI) has been developing the KM CDR Process^TM and the Advanced KM CDR Process^TM in collaboration with Kansai Electric Power Co., Inc.(KEPCO), since 1990. KS-21^TM was newly developed by MHIENG and KEPCO as an improved “Advanced KM CDR Process^TM.”

About Kiewit Energy Group
Kiewit is one of North America’s largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned organization operates through a network of subsidiaries in the United States, Canada, and Mexico. Kiewit offers construction and engineering services in a variety of markets including transportation; oil, gas and chemical; power; building; water/wastewater; industrial; and mining. Kiewit had 2021 revenues of $12.1 billion and employs 28,800 staff and craft employees.

About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.

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