logo-loader
viewCapstone Infrastructure

Capstone Infra expecting around C$25mln pay-out after court win

The Ontario Electricity Financial Corp has 60 days to seek leave to appeal the decision to the Supreme Court of Canada.

Gavel
The earlier decision against OEFC was upheld

Capstone Infrastructure Corp (TSE:CSE) could be set for a cash pay-out after winning the latest round in its court battle with Ontario Electricity Financial Corp (OEFC).

The Court of Appeal has upheld an earlier decision in favor of Capstone by the Ontario Superior Court of Justice that ruled, among other things, that OEFC did not properly calculate the price paid for electricity generated under its power purchase agreements (PPAs) with Capstone and a number of other power producers in Ontario.

The court's decision requires OEFC to revert to its pre-2011 methodology for calculating payments under the PPAs, and to pay producers, including Capstone, the difference between the payments calculated by OEFC since 2011 and the amount of the payments they would have received using the pre-2011 methodology, plus interest and costs.

Capstone estimates that this will result in receipt of around C$25mln, representing retroactive adjustments for revenue claimed from OEFC. Going forward, OEFC will also be required to calculate and pay for electricity generated at Capstone's Wawatay and Dryden hydro facilities in accordance with the original pre-2011 methodology in their respective PPAs.

OEFC has 60 days to seek leave to appeal the decision to the Supreme Court of Canada.  

Quick facts: Capstone Infrastructure

Price: - CAD

TSX:CSE
Market: TSX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Avalon Globocare Corp seeing success working in the celltech space

Avalon GloboCare CEO (NASDAQ:AVCO) Dr. David Jin sat down with Proactive's Steve Darling at the 12th annual LD Micro Conference. The company is a clinical-stage CellTech bio-developer specializing in cellular therapeutics. Dr Jin talked about success in 2019 and what he expects in 2020.

13 minutes ago

2 min read