Desjardins Acquires a Portion of EDF Renewables Canada Inc.’s Stake in Cypress 1 & 2 Wind Projects

Source Company Press Release
Company Desjardins Group, Electricite de France S.A.
Tags Country: Canada, M&A: Corporate Deal, Deals, Renewables: Renewables News, Segment: Power
Date August 01, 2023

Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II L.P. (together “Desjardins”) have closed on the acquisition of 37.5% of EDF Renewables Canada Inc.’s stake in the  Cypress 1 & 2 Wind Projects. The Projects, located southeast of Medicine Hat, Alberta in  Cypress County, comprise a total 247-megawatt (MW) capacity.

Desjardins now owns 37.5% of the Project, EDF Renewables Canada holds 37.5%, and the Blood Tribe, a First Nation located at Stand Off, Alberta, owns the remaining 25% stake. The Projects, developed, built, and operated by EDF Renewables Canada, support 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.

“Desjardins is proud to invest alongside the Blood Tribe and EDF Renewables Canada Inc. in the Cypress wind projects,” said Frederic Angers, vice president and CIO, private markets at Desjardins Global Asset Management. “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.”

“EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins,” said Andres Estrada, senior manager of portfolio strategy at EDF Renewables North America. “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.

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