Home › Business ›Desjardins Group Acquires EDF Renewables Canada Inc.’s Stake in Cypress 1 and 2 Wind Projects
Desjardins Group Acquires EDF Renewables Canada Inc.’s Stake in Cypress 1 and 2 Wind Projects
The Projects, located southeast of Medicine Hat, Alberta in Cypress County, include a total 247 MW capacity.
August 01, 2023. By EI News Network
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Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II L.P. (together Desjardins) have closed on the acquisition of 37.5 percent of EDF Renewables Canada Inc.’s stake in the Cypress 1 and 2 Wind Projects.
The Projects, located southeast of Medicine Hat, Alberta in Cypress County, include a total 247 MW capacity.
“EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins”
Desjardins owns 37.5 percent of the Project, EDF Renewables Canada holds 37.5 percent, and the Blood Tribe, a First Nation located at Stand Off, Alberta, owns the remaining 25 percent stake. The Projects, developed, built, and operated by EDF Renewables Canada, support the energy transition in the region using a responsible and sustainable approach to economic development. Construction started in 2020, creating 250 jobs at its peak, and became operational in 2022 and 2023.
Frederic Angers, Vice President and CIO of Private Markets at Desjardins Global Asset Management said, “Desjardins is proud to invest alongside the Blood Tribe and EDF Renewables Canada Inc. in the Cypress wind projects.”
He further said, “This is our 4th 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.”
Andres Estrada, senior manager of portfolio strategy at EDF Renewables North America, stated, “EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins,”.
He added, “We are excited to contribute to the growth of a low-carbon economy in Alberta and are proud to strengthen our relationship with the local communities, ensuring that these valuable wind projects were developed and built in a manner that is respectful of the needs, heritage and future of Cypress County.”
The Cypress 1 Project is one of five wind projects selected to enter into a Renewable Electricity Support Agreement with the Alberta Electric System Operator in round 2 of the competitive procurement process for its Renewable Electricity Program, which was launched in March 2018.
EDF Renewables North America is an independent power producer and service provider with 35 years of expertise in renewable energy. The firm serves grid-scale power: wind (onshore and offshore), solar PV, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to optimize the performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids.
Desjardins Group is the cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of USD 398.6 billion as of March 2023.
The Projects, located southeast of Medicine Hat, Alberta in Cypress County, include a total 247 MW capacity.
“EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins”
Desjardins owns 37.5 percent of the Project, EDF Renewables Canada holds 37.5 percent, and the Blood Tribe, a First Nation located at Stand Off, Alberta, owns the remaining 25 percent stake. The Projects, developed, built, and operated by EDF Renewables Canada, support the energy transition in the region using a responsible and sustainable approach to economic development. Construction started in 2020, creating 250 jobs at its peak, and became operational in 2022 and 2023.
Frederic Angers, Vice President and CIO of Private Markets at Desjardins Global Asset Management said, “Desjardins is proud to invest alongside the Blood Tribe and EDF Renewables Canada Inc. in the Cypress wind projects.”
He further said, “This is our 4th 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.”
Andres Estrada, senior manager of portfolio strategy at EDF Renewables North America, stated, “EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins,”.
He added, “We are excited to contribute to the growth of a low-carbon economy in Alberta and are proud to strengthen our relationship with the local communities, ensuring that these valuable wind projects were developed and built in a manner that is respectful of the needs, heritage and future of Cypress County.”
The Cypress 1 Project is one of five wind projects selected to enter into a Renewable Electricity Support Agreement with the Alberta Electric System Operator in round 2 of the competitive procurement process for its Renewable Electricity Program, which was launched in March 2018.
EDF Renewables North America is an independent power producer and service provider with 35 years of expertise in renewable energy. The firm serves grid-scale power: wind (onshore and offshore), solar PV, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to optimize the performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids.
Desjardins Group is the cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of USD 398.6 billion as of March 2023.
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