Desjardins Group Pension Plan (DGPP) has agreed to acquire a portion of EDF Renewables Canada Inc‘s stake in the Cypress Wind Project for an undisclosed amount.
The acquisition will take place upon completion of construction of the project, consisting of 48 turbines with a capacity of 201.6 megawatts and to be located southeast of Medicine Hat, Alberta. It is expected to be operational by 2021.
DGPP will own 40.5 percent of the project, EDF Renewables Canada, 34.5 percent, and the Blood Tribe, a First Nation advised by Indigena Capital, the remaining 25 percent.
DGPP is the $12.9 billion pension plan of Canadian financial co-operative Desjardins Group.
The Desjardins Group Pension Plan to acquire a portion of EDF Renewables Canada Inc.’s stake in the Cypress Wind Project
MONTREAL, June 19, 2019 /CNW Telbec/ – The Desjardins Group Pension Plan (DGPP) has committed to acquire, upon completion of construction and upon certain other terms and conditions, a portion of EDF Renewables Canada Inc.’s stake in the Cypress Wind Project. The Project will consist of 48 turbines with a total capacity of 201.6 megawatts and will be located southeast of Medicine Hat, Alberta in Cypress County. It will support energy transition in the region using a responsible and sustainable approach to economic development.
DGPP will own 40.5% of the Project, EDF Renewables Canada will hold 34.5%, and the Blood Tribe, a First Nation located at Stand Off, Alberta and advised by Indigena Capital, LP, will own the remaining 25% stake. The Project will be developed, built, and operated by EDF Renewables Canada, which has developed ten wind farm projects across Canada to date. Construction will start in 2020 and is expected to be operational by 2021.
The Cypress Wind Project will be developed in collaboration with the local communities, to ensure it is carried out in a manner that is respectful of the needs, heritage and future of Cypress County. The Project is expected to create 250 jobs at peak construction and provide up to 10 long-term positions during its operational life.
“Desjardins is proud to contribute to the Cypress Wind Project in partnership with the Blood Tribe and EDF Renewables Canada Inc., one of our long-standing partners,” said Guy Cormier, president and CEO of Desjardins Group. “Desjardins has made it a priority to invest in green infrastructure, reflecting our commitment to a fair energy transition. It has invested globally over $1.2 billion in green energy projects, showing leadership in the renewable energy infrastructure space.”
“EDF Renewables Canada is pleased to expand its long-standing partnership with Desjardins,” said Nate McMurry, Vice President Divestiture and Portfolio Strategy for EDF Renewables North America. “We are proud to be developing an attractive opportunity for an experienced infrastructure investor.”
The Project is one of eight wind projects selected to enter into a Renewable Electricity Support Agreement by the Alberta Electric System Operator in rounds 2 and 3 of the competitive procurement process for its Renewable Electricity Program, which were launched in March 2018.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $304 billion. Desjardins Group has been rated one of Canada’s Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry.
About Desjardins Group Pension Plan
Through its Retirement Committee, DGPP provides a defined benefit pension plan to more than 66,000 beneficiaries. As of the end of 2018, DGPP managed fund assets of C$12.9 billion making it one of the largest private pension plans in Canada.
About EDF Renewables North America
EDF Renewables North America is a market leading independent power producer and service provider with over 30 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 10 GW under service contracts. In Canada, the Company has 1,600 MW of wind and solar power facilities in service or under construction and 4,200 MW under development. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com
About the Blood Tribe
The Blood Tribe is a member of the Blackfoot Confederacy and a Treaty 7 Nation. Located approximately 200 kilometers south of Calgary, Alberta, the Blood Tribe has the largest Reserve in Canada, encompassing nearly 560 square miles, with over 13,000 members both on and off-Reserve. The Blood Tribe’s focus on business enterprises is anchored by decades of oil and gas development on their lands, and in their operation of the largest irrigation project in Canada.
For further information: (media inquiries only): Chantal Corbeil, Media Spokesperson, Desjardins Group, 514 281-7229, firstname.lastname@example.org; Sandi Briner, VP, Corporate Communications, EDF Renewables North America, 858-521-3525, email@example.com