EDMONTON, Alberta, July 29, 2019 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) (Capital Power or the Company) today announced that Brian Vaasjo, President and Chief Executive Officer, has advised the Board of his intention to retire in 2020.

Mr. Vaasjo’s announcement activates an established CEO succession plan developed by Capital Power’s Board of Directors. The Board will commence a search for a new President and Chief Executive Officer and will announce a successor in due course. Mr. Vaasjo will continue in his current role, leading the company and serving on the Board of Directors, until his successor assumes the role. For a period thereafter, Mr. Vaasjo will remain with the Company in an advisory role to support the Board, his successor and the business and ensure a smooth leadership transition.

“My time at Capital Power has been an incredible experience and I am extremely proud of what we have accomplished as a Company over the last 10 years,” said Mr. Vaasjo. “Our industry is experiencing an unprecedented period of change and I am confident that Capital Power is well positioned for continued success in the future. While it is an exciting time to be part of the evolution of the industry and our Company, I am looking forward to the next chapter in my life.”

“On behalf of the Board, I want to thank Brian for the significant contributions he has made to Capital Power,” said Don Lowry, Chair of the Capital Power Board. “Under Brian’s leadership, from the initial public offering through several successful strategic investments and the development and commercial operation of many renewable development projects in Canada and the United States, Capital Power has become Alberta’s leading developer of new power generation. Brian has established a strategic plan, built a strong executive and management team and created a company culture that will allow for continued value creation and enable the seamless transition to a new President and Chief Executive Officer.”

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns nearly 6,000 megawatts (MW) of power generation capacity at 26 facilities across North America.  Approximately 900 MW of owned generation capacity is in advanced development in Alberta and Illinois.

For more information, please contact:

Media Relations
Katherine Perron
(780) 392-5335 
kperron@capitalpower.com 
Investor Relations:
Randy Mah
(780) 392-5305 or (866) 896-4636 (toll-free)
investor@capitalpower.com