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Capstone Infrastructure Corporation Reports Strong First Quarter 2014 Performance

Highlights:

TORONTO, ONTARIO -- (Marketwired) -- 05/12/14 -- Capstone Infrastructure Corporation (TSX: CSE)(TSX: CSE.DB.A)(TSX: CSE.PR.A)(TSX: CPW.DB) (the "Corporation") today reported unaudited results for the first quarter of fiscal 2014 ended March 31, 2014. The Corporation's Management's Discussion and Analysis and unaudited consolidated financial statements are available at www.capstoneinfrastructure.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars.

Financial Review



----------------------------------------------------------------------------
In millions of Canadian dollars or on a
 per share basis unless otherwise noted    Quarter ended Mar 31     Variance

                                                2014       2013          (%)
----------------------------------------------------------------------------
Revenue                                        114.4       94.3         21.4
----------------------------------------------------------------------------
Net income                                      19.5       15.9         22.6
----------------------------------------------------------------------------
Adjusted EBITDA(1,2)                            41.7       32.3         28.9
----------------------------------------------------------------------------
AFFO(1,3)                                       19.9       13.6         45.7
----------------------------------------------------------------------------
AFFO per share(1,3)                            0.207      0.180         14.9
----------------------------------------------------------------------------
Dividends per share                            0.075      0.075            -
----------------------------------------------------------------------------
Payout ratio(1)                                  36%        42%       (13.0)
----------------------------------------------------------------------------
(1)  "Adjusted EBITDA", "Adjusted Funds from Operations", and "Payout Ratio"
     are non-GAAP financial measures and do not have any standardized
     meaning prescribed by International Financial Reporting Standards
     ("IFRS"). As a result, these measures may not be comparable to similar
     measures presented by other issuers. Definitions of each measure are
     provided on page 6 of Management's Discussion and Analysis with
     reconciliation to IRFS measures provided on page 7.
(2)  Adjusted EBITDA for investments in subsidiaries with non-controlling
     interests are included at Capstone's proportionate ownership interest.
(3)  For businesses that are not wholly owned, the cash generated by the
     business is only available to Capstone through periodic dividends. For
     these businesses, AFFO is equal to distributions received.

"Our operational performance was in line with our expectations while our financial results were ahead of plan, largely due to the continuing positive foreign currency exchange translation at Bristol Water," said Michael Bernstein, President and Chief Executive Officer. "During the quarter, we signed a new 20-year non-utility generator contract for our Cardinal gas cogeneration facility with the Ontario Power Authority while entering into an agreement to renew our energy savings agreement with Ingredion Canada, thereby securing Cardinal's future and helping to support our dividend over the long term. We are also advancing our near-term wind power pipeline on time and budget, with two projects currently under construction and a third expected to get underway in June. The value of our portfolio is growing and we are confident in our ability to deliver an attractive total return to our shareholders as we complete the build out of our development pipeline and pursue new growth opportunities."

Financial Highlights

Revenue increased by 21.4%, or $20.1 million, over the same quarter in 2013. The increase was mostly due to the Corporation's expanded operating wind power portfolio following the acquisition of Renewable Energy Developers Inc. ("ReD") on October 1, 2013. The revenue variance at Bristol Water reflected favourable foreign currency translation along with revenue growth arising from higher regulated water rates, which increase annually, and higher water consumption.

Total expenses increased by 15.0%, or $7.9 million, over the first quarter of 2013. The variance reflected higher operating expenses, primarily at Bristol Water due to foreign currency translation and greater repairs and maintenance activities. In the power segment, higher operating expenses reflected the Corporation's expanded wind power portfolio, partially offset by lower gas transportation and fuel costs at Cardinal. Administrative expenses in the quarter increased by 100.6%, or $2.2 million, primarily reflecting the reversal of an accrual in the first quarter of 2013, resulting in lower expenses for that period, and increased compensation costs arising from growth in staffing levels.

Adjusted EBITDA increased by 28.9%, or $9.3 million, primarily reflecting the expansion of the Corporation's operating power portfolio and lower operating costs at Cardinal, and the positive foreign currency impact and higher revenue at Bristol Water. Adjusted Funds from Operations (AFFO) increased by 45.7%, or $6.2 million, reflecting the growth in Adjusted EBITDA partially offset by higher debt service and maintenance capital expenditures resulting from the larger power portfolio. AFFO per common share increased by 15.0% to $0.207 from $0.180 in the same quarter last year, reflecting the performance drivers described above as well as the greater number of common shares outstanding compared with the first quarter of 2013.

Financial Performance Highlights by Segment

Power Infrastructure:



----------------------------------------------------------------------------
In millions of Canadian dollars unless
 otherwise noted                             Quarter ended Mar 31   Variance

                                                  2014       2013        (%)
----------------------------------------------------------------------------
Power generated (GWh)                            558.8      510.6        9.4
----------------------------------------------------------------------------
Revenue                                           58.2       50.2       16.0
----------------------------------------------------------------------------
Adjusted EBITDA                                   31.9       23.4       36.4
----------------------------------------------------------------------------
AFFO                                              23.3       16.1       44.2
----------------------------------------------------------------------------

Revenue increased by 16.0%, or $8.0 million, mostly attributable to the Corporation's larger operating wind power portfolio, higher production at Amherstburg Solar Park and the hydro power facilities, and higher contractual power rates at Cardinal.

Adjusted EBITDA increased by 36.4%, or $8.5 million, reflecting higher revenue and lower operating expenses at Cardinal primarily due to lower gas transportation costs. AFFO increased by 44.2%, or $7.2 million, due to the growth in Adjusted EBITDA, distributions received from the Amherst wind power facility and lower maintenance expenditures at the hydro power facilities than in the first quarter of 2013. These drivers were partially offset by additional debt service and maintenance capital expenditures related to the Corporation's expanded wind power portfolio.

Utilities:

Water



----------------------------------------------------------------------------
In millions of Canadian dollars unless
 otherwise noted                             Quarter ended Mar 31   Variance

                                                  2014       2013        (%)
----------------------------------------------------------------------------
 Water supplied (megalitres)                    19,638     19,238        2.1
----------------------------------------------------------------------------
 Revenue                                          56.2       44.1       27.5
----------------------------------------------------------------------------
 Adjusted EBITDA before non-controlling
 interest                                         26.9       20.8       29.3
----------------------------------------------------------------------------
 Adjusted EBITDA                                  13.4       10.4       29.3
----------------------------------------------------------------------------
 AFFO(1)                                           1.9        1.6        N/A
----------------------------------------------------------------------------
(1)  Bristol Water's contribution to Capstone's AFFO consists of dividends
     and does not reflect the amount of cash generated by the business.

Revenue increased by 27.5%, or $12.1 million. Excluding the foreign currency impact, revenue increased by 9.2%, or $4.7 million, reflecting the annual increase in regulated water rates that occurred on April 1, 2013, and increased water consumption. Bristol Water's Adjusted EBITDA contribution to the Corporation increased by 29.3%, or $3.0 million, reflecting higher revenue partially offset by increased operating expenses.

Bristol Water paid dividends of $1.9 million to the Corporation in the quarter compared with $1.6 million in the same quarter last year, reflecting the effect of a more favourable foreign exchange rate.

During the quarter ended March 31, 2014, Bristol Water made $50 million in capital expenditures as part of its approximately $542 million capital program for the current five-year asset management plan ("AMP5"), which concludes in March 2015. As at March 31, 2014, Bristol Water had cumulative capital expenditures of $444 million over the AMP5 period, which was $13 million lower than the regulatory plan but consistent with management's expectations. Bristol Water expects to achieve its planned cumulative capital expenditures by the end of the AMP5 period.

District Heating



----------------------------------------------------------------------------
In millions of Canadian dollars unless
 otherwise noted                             Quarter ended Mar 31   Variance

                                                  2014       2013        (%)
----------------------------------------------------------------------------
Heat production (GWh)                              367        432     (15.0)
----------------------------------------------------------------------------
Interest income                                    0.8        0.7       14.3
----------------------------------------------------------------------------
Adjusted EBITDA and AFFO(1)                        0.8        0.7       14.3
----------------------------------------------------------------------------
(1)  Varmevarden's contribution to Capstone's Adjusted EBITDA and AFFO
     consists of interest income and dividends and does not reflect the
     amount of cash generated by the business.

Varmevarden paid interest income of $0.8 million in the quarter compared with $0.7 million in the same quarter last year, reflecting favourable foreign currency translation. Varmevarden was not scheduled to pay a dividend in the first quarter of 2014, which was consistent with 2013.

Financial Position

As at March 31, 2014, the Corporation had unrestricted cash and cash equivalents of $67.3 million, including $38.5 million from the power segment and $14.6 million from Bristol Water. Bristol Water has an additional $57.1 million in credit capacity to support its capital expenditure program. Approximately $34.3 million of the Corporation's total cash and cash equivalents is available for general corporate purposes. In addition, during the quarter, the Corporation increased the amount of credit available under its new corporate credit facility, which was established in November 2013, to $50 million from $32.5 million. As at March 31, 2014, the Corporation's debt to capitalization ratio was 63.6%.

Subsequent Events

On April 17, 2014, the Corporation secured $21.4 million in project-level financing for the construction of the Skyway 8 wind project. The construction term of the credit facility matures no later than February 28, 2015 and bears an interest rate of 5.25%. Upon maturity, the debt, which will fully amortize over 20 years, converts to a three-year term facility bearing interest at a variable rate based on 1.05% over the lender's posted three-year commercial mortgage rate.

Outlook(1)

The Corporation expects continuing stable performance from its power facilities, some growth from its utilities businesses, and a full year of contribution from its expanded wind power portfolio. Based on the greater than anticipated favourable impact of foreign exchange rates at Bristol Water in the first quarter and the expectation of better economics from Cardinal, the Corporation now expects Adjusted EBITDA in 2014 to be between $150 million and $160 million compared with $140 million to $150 million previously. Other assumptions underlying the Corporation's 2014 outlook include but are not limited to:


--  The Corporation deploying its internally generated cash and credit into
    its development projects and that the projects proceed as expected;

--  That the Swedish krona to Canadian dollar and British pound sterling to
    Canadian dollar exchange rates remain consistent with recent rates;

--  The implementation of Bristol Water plc's allowed real 3.8% (plus retail
    price index, or "RPI") price increase, which was effective April 1,
    2014; and

--  Business development activity that is consistent with historical levels.

A detailed outlook for the Corporation's power, utilities and corporate segments is available on pages 15 to 19 of the quarterly report. The Corporation's strategic priorities for 2014 include:

Advancing its pipeline of power development projects.

The Corporation is focused on advancing its near-term wind power projects on time and on budget. The 10 MW Skyway 8 and 24 MW Saint-Philemon projects, currently under construction in Ontario and Quebec, respectively, are expected to achieve commercial operations in 2014. On April 17, 2014, the Environmental Review Tribunal delivered a decision upholding the Renewable Energy Approval issued by the Ministry of Environment for the Corporation's 25-megawatt Goulais wind project, enabling the project to proceed with construction starting in June 2014. The balance of the pipeline is currently anticipated to enter commercial operations over 2015 and 2016, assuming the projects receive the various regulatory approvals and permits they require to proceed with construction.

Maximizing the performance of its existing businesses.

The Corporation is focused on further enhancing the operational performance of its businesses, which includes preventive and predictive maintenance, detailed planning for capital expenditures that boost value, and finding new ways to increase cash flow.

Advancing organic growth initiatives.

The Corporation is working with management at Bristol Water to complete the company's capital expenditure program for the current regulatory period, which commenced in April 2010 and concludes in March 2015 ("AMP5"). This program is driving significant growth in Bristol Water's regulated capital value, which supports growing revenue and cash flow over time, which in turn increases the value of the Corporation's ownership interest. The Corporation is also supporting the Bristol Water team on the company's regulatory submission for the next five-year regulatory period, which commences in April 2015 and concludes in March 2020 ("AMP6"). During the price review process, UK Water Services Regulation Authority (Ofwat) will approve Bristol Water's capital program and set the rates Bristol Water may charge customers in AMP6.

Focusing on acquisitions that will increase the Corporation's value.

The Corporation is focused on building its portfolio across four targeted core infrastructure categories: utilities, power, public-private partnerships and transportation. The Corporation's business development efforts are concentrated primarily on North America, the United Kingdom, and Western and Northern Europe, with Australia and New Zealand remaining markets of interest.

Dividend Declarations

The Board of Directors today declared a quarterly dividend of $0.075 per common share on the Corporation's outstanding common shares for the quarter ending June 30, 2014. The dividend will be payable on July 31, 2014 to shareholders of record at the close of business on June 30, 2014.

The Board of Directors also declared a dividend on the Corporation's Cumulative 5-Year Rate Reset Preferred Shares, Series A (the "Preferred Shares") of $0.3125 per Preferred Share to be paid on or about July 31, 2014 to shareholders of record at the close of business on July 15, 2014. The dividend on the Preferred Shares covers the period from May 1, 2014 to July 31, 2014.

In respect of the Corporation's July 31, 2014 common share dividend payment, the Corporation will issue common shares in connection with the reinvestment of dividends to shareholder enrolled in the Corporation's Dividend Reinvestment Plan. The price of common shares purchased with reinvested dividends will be the previous five-day volume weighted average trading share price on the Toronto Stock Exchange, less a 5% discount.

The dividends paid by the Corporation on its common shares and the Preferred Shares are designated "eligible" dividends for purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

A distribution of $0.075 per unit will also be paid on July 31, 2014 to holders of record on June 30, 2014 of Class B Exchangeable Units of MPT LTC Holding LP, which is a subsidiary entity of the Corporation.

Dividend Reinvestment Plan

Learn more about the Corporation's Dividend Reinvestment Plan ("DRIP") at http://www.capstoneinfrastructure.com/InvestorCentre/StockInformation/DRIP.aspx.

Q1 Conference Call and Webcast

The Corporation will hold a conference call and webcast (with accompanying slides) on Tuesday, May 13, 2014 at 8:30 a.m. EDT to discuss first quarter results. To listen to the call from Canada or the United States, dial 1-800-319-4610. If calling from elsewhere, dial +1-604-638-5340. A replay of the call will be available until May 27, 2014. For the replay, from Canada or the United States, dial 1-800-319-6413 and enter the code 1385#. From elsewhere, dial +1-604-638-9010 and enter the code 1385#. The event will be webcast live with an accompanying slide presentation on the Corporation's website at www.capstoneinfrastructure.com.

About Capstone Infrastructure Corporation

Capstone's mission is to provide investors with an attractive total return from responsibly managed long-term investments in core infrastructure in Canada and internationally. The company's strategy is to develop, acquire and manage a portfolio of high quality utilities, power and transportation businesses, and public-private partnerships that operate in a regulated or contractually-defined environment and generate stable cash flow. Capstone currently has investments in utilities businesses in Europe and owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of net 439 megawatts(2). Please visit www.capstoneinfrastructure.com for more information.

(1) - See Notice to Readers.

(2) - Reflects Capstone's economic interest in its various power facilities.

Notice to Readers

Certain of the statements contained within this document are forward-looking and reflect management's expectations regarding the future growth, results of operations, performance and business of the Capstone Infrastructure Corporation (the "Corporation") based on information currently available to the Corporation. Forward-looking statements and financial outlook are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements and financial outlook use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "intend", "estimate", "plan", "believe" or other similar words. These statements and financial outlook are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and financial outlook and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements and financial outlook within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management's discussion and analysis of the results of operations and the financial condition of the Corporation ("MD&A") for the year ended December 31, 2013 under the heading "Results of Operations", as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation's SEDAR profile at www.sedar.com).

Other potential material factors or assumptions that were applied in formulating the forward-looking statements and financial outlook contained herein include or relate to the following: that the business and economic conditions affecting the Corporation's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity, regulations, weather, taxes and interest rates; that there will be no material delays in the Corporation's wind development projects achieving commercial operation; that the Corporation's power infrastructure facilities will experience normal wind, hydrological and solar irradiation conditions, and ambient temperature and humidity levels; an effective TCPL gas transportation toll of approximately $1.65 per gigajoule in 2014; that there will be no material changes to the Corporation's facilities, equipment or contractual arrangements; that there will be no material changes in the legislative, regulatory and operating framework for the Corporation's businesses, that there will be no material delays in obtaining required approvals and no material changes in rate orders or rate structures for the Corporation's power infrastructure facilities, Varmevarden or Bristol Water, that there will be no material changes in environmental regulations for power infrastructure facilities, Varmevarden or Bristol Water; that there will be no significant event occurring outside the ordinary course of the Corporation's businesses; the refinancing on similar terms of the Corporation's and its subsidiaries' various outstanding credit facilities and debt instruments which mature during the period in which the forward-looking statements and financial outlook relate; market prices for electricity in Ontario and Alberta; the re-contracting of the PPA for the Sechelt hydro power generating station; that there will be no material change to the accounting treatment for Bristol Water's business under International Financial Reporting Standards, particularly with respect to accounting for maintenance capital expenditures; that there will be no material change to the amount and timing of capital expenditures by Bristol Water; that there will be no material changes to the Swedish Krona to Canadian dollar and UK pound sterling to Canadian dollar exchange rates; and that Bristol Water will operate and perform in a manner consistent with the regulatory assumptions underlying asset management plan ("AMP") 5 and those expected under AMP6, including, among others: real and inflationary increases in Bristol Water's revenue, Bristol Water's expenses increasing in line with inflation, and capital investment, leakage, customer service standards and asset serviceability targets being achieved.

Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements and financial outlook, actual results may differ from those suggested by the forward-looking statements and financial outlook for various reasons, including: risks related to the Corporation's securities (dividends on common shares and preferred shares are not guaranteed; volatile market price for the Corporation's securities; shareholder dilution; and convertible debentures credit risk, subordination and absence of covenant protection); risks related to the Corporation and its businesses (availability of debt and equity financing; default under credit agreements and debt instruments; geographic concentration; foreign currency exchange rates; acquisitions, development and integration; environmental, health and safety; changes in legislation and administrative policy; and reliance on key personnel); risks related to the Corporation's power infrastructure facilities (power purchase agreements; completion of the Corporation's wind development projects; operational performance; fuel costs and supply; contract performance and reliance on suppliers; land tenure and related rights; environmental; and regulatory environment); risks related to Varmevarden (operational performance; fuel costs and availability; industrial and residential contracts; environmental; regulatory environment; and labour relations); and risks related to Bristol Water (Ofwat price determinations and changes to Instrument of Appointment; failure to deliver capital investment programs; economic conditions; operational performance; failure to deliver water leakage target; service incentive mechanism ("SIM") and the serviceability assessment; pension plan obligations; regulatory environment; competition; seasonality and climate change; and labour relations). For a comprehensive description of these risk factors, please refer to the "Risk Factors" section of the Corporation's Annual Information Form dated March 26, 2014 as supplemented by risk factors contained in any material change reports (except confidential material change reports), business acquisition reports, interim financial statements, interim management's discussion and analysis and information circulars filed by the Corporation with securities commissions or similar authorities in Canada (which are available under the Corporation's SEDAR profile at www.sedar.com).

The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements and financial outlook. The forward-looking statements and financial outlook within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements and financial outlook.

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