SWITCH Power Corporation (“SWITCH”) is pleased to announce that it
has entered into a partnership with Crown Capital Partners Inc.
(“Crown”) and Crown Power Fund (“the Fund”). Under the partnership,
SWITCH and Crown have formed a joint entity to finance, own and
operate multiple sustainable power generation assets across North
America. Crown will provide project financing through its
distributed power business and the Fund, with SWITCH originating,
developing, constructing, managing and operating the assets.
“We are pleased to form this partnership and are
excited for the future. Crown brings a pragmatic approach, which
provides capital for smaller distributed projects, allows us to
streamline the financing process and to focus on originating,
executing and managing a diverse and meaningful pipeline of
projects. This partnership further confirms our ability to execute
our strategic plan and supports SWITCH’s business model of
electricity as a service,” said Trevor White, Founder, President
and CEO of SWITCH.
SWITCH has a current pipeline of 400MW of
sustainable power projects and an initial capital deployment
greater than $100 million over the next 18-months, across several
diverse projects ranging from distributed solar, flare gas to
power, cogeneration and hybrid generating facilities (solar and
storage) across its target markets.
“SWITCH has a highly experienced
team, with a strong commercial
power background,” said Chris Johnson, President and CEO
of Crown. “We look forward to working with them
to build on their deep pipeline of sustainable energy
projects.”
“Crown has a unique vision that aligns with ours
in the sustainable and scalable development of power projects. The
synergies between the two groups were apparent from our first
meeting and have continued to align throughout the finalization of
this partnership,” said Jarvis Nicoll, President of CARDON Group,
SWITCH’s largest Shareholder.
“As a shareholder, we are excited for SWITCH to
enter into this partnership. Crown brings vast experience in
corporate and project finance, across several landscapes and has
created a very innovative approach to project finance through their
power fund,” added Doug Bedard, CEO of CARDON group.
Thunderstone Capital Inc. acted as financial
advisor to SWITCH in this partnership.
Appointment of Officers
SWITCH is pleased to announce the appointment of
Cory St. Croix as Vice President, Legal, Commercial and Community.
Cory brings 20-years of broad commercial energy experience spanning
multiple provinces and states. After practicing corporate
commercial law privately and in-house for several years, he
embarked on a 10-year career in business development with large cap
electricity and oil and gas companies. During this time, he helped
create the first Alberta power auction and negotiated uniquely
structured commodity contracts. Cory holds a science degree in
Applied Mathematics and a law degree from the University of New
Brunswick. Cory’s primary accountabilities within SWITCH will
include corporate secretary, commercial and legal structuring,
management of the commercial team, overseeing the origination of
electricity service and power offtake contracts, and managing
community engagement and initiatives pertaining to ESG’s.
SWITCH is also pleased to announce the
appointment of Marc Haugen as Vice President, Asset Delivery and
Operations. Marc is a Professional Engineer with 25-years of
experience in power generation, utilities and energy in three
countries, with an even split between field operations and
strategic leadership. His prior field work includes time at
facilities in Canada, the United States and the Dominican Republic
and he brings work experience from companies, including TransAlta,
Enron and ENMAX, as well as his own consulting company. Marc’s key
accountabilities will include managing the project delivery,
technical services, engineering, asset operations teams and
overseeing the assets throughout their lifetime.
Cory and Marc join Claude Mindorff, Vice
President of Business and Project Development, on the executive
team.
“The addition of Cory and Marc to our leadership
team showcases the evolution of our business and projects. As we
materialize ideas and opportunities into projects, engagements into
definitive agreements, and project development through to
construction, commissioning and operations, it is imperative we
build our team and culture appropriately,” said Trevor White.
“Their experience, leadership and strategic thinking will help
SWITCH to ensure the success of our projects, partnerships,
customers communities and teammates going forward,” he added.
About SWITCH Power
Corporation
SWITCH Power is an Alberta-based sustainable
power developer, asset manager and producer, focused on deploying
meaningful megawatts through its electricity as a service business
model, providing bespoke power solutions for customers and
counterparties across multiple technology and market classes.
SWITCH develops, builds, finances and operates sustainable energy
power generation projects in utility, behind the meter and off-grid
scenarios.
About Crown Capital Partners
(TSX:CRWN)
Founded in 2000, Crown is a leading specialty
finance company that provides growth capital to a diversified group
of successful mid-market companies that are seeking alternatives to
banks and private equity funds. In addition to deploying capital as
a principal investor, Crown develops, manages and co-invests in
alternative investment funds, including Crown Partners Fund and
Crown Capital Power Fund.
For further information:
Trevor White, President & CEO
5774 10th Street NE Calgary, Alberta T2E 8W7
(403) 999-8781
Crown Capital Partners (TSX:CRWN)
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