Desjardins affiliates acquire EDF interest in Alberta wind projects

• Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II made the acquisition
• Desjardins now owns 37.5 percent of the project, EDF Renewables Canada holds 37.5 percent, and the Blood Tribe owns the remaining 25 percent
• EDF Renewables North America is a US-based power producer and service provider

Desjardins Group Pension Plan (DGPP) and DGAM Global Private Infrastructure Fund II (DGAM Fund II) have acquired EDF Renewables Canada’s 37.5 percent stake in the Cypress 1 & 2 Wind Projects. No financial terms were disclosed.

The projects, located southeast of Medicine Hat, Alberta in Cypress County, comprise a total 247-megawatt capacity.

Desjardins now owns 37.5 percent of the projects, EDF Renewables Canada holds 37.5 percent, and the Blood Tribe, a First Nation located in Stand Off, Alberta, owns the remaining 25 percent stake.

“This is our fourth large-scale project in partnership with EDF Renewables in Canada, a great long-term investment in the renewable sector for our clients and another demonstration of DGAM’s commitment towards responsible investing,” said Frederic Angers, vice president and CIO, private markets, at Desjardins Global Asset Management, in a statement.

EDF Renewables North America is a power producer and service provider based in San Diego, California. It is a subsidiary of EDF Renewables, the renewable energy affiliate of EDF Group.

Based in Lévis, Quebec, Desjardins Group is a cooperative financial group with assets of C$398.6 billion as of March 2023.

DGPP is a Canadian defined benefit pension plan to more than 84,000 beneficiaries. It managed assets of C$15.2 billion as of the end of last year. DGAM Fund II was launched in 2021 to give Desjardins’ institutional clients access to infrastructure and renewable investing.