RES has announced that renewable energy investment platform Innagreen and Cowessess First Nation-owned entity ANEDLP have jointly acquired the onshore wind farm project from the company
RES said that the 200MW Bekevar wind energy project in Saskatchewan, Canada has achieved a financial close with Canada Infrastructure Bank (CIB) agreeing to provide a loan of C$173m ($126m).
Besides, RES has announced that renewable energy investment platform Innagreen and Awasis Nehiyawewini Energy Development (ANEDLP), an entity owned by the Cowessess First Nation, have jointly acquired the onshore wind farm project from the company.
German commercial bank Norddeutsche Landesbank Girozentrale (NORD/LB) is also providing financing for the deal to help the Bekevar wind energy project advance to the construction stage.
NORD/LB has committed debt financing of C$98m ($71.4m) in this regard.
Following the acquisition, Innagreen will hold 83% of the Bekevar wind project while the remaining 17% stake will be owned by ANEDLP.
Canada Infrastructure Bank CEO Ehren Cory said: “The partnership with a leading owner and operator of renewable energy, and Cowessess First Nation will advance Saskatchewan’s largest wind power facility, and enable Indigenous participation and long-term economic opportunities.”
RES stated that the company will deliver construction services in conjunction with local subcontractors, as well as operate and manage the onshore wind facility.
To be located south and southeast of Kipling, the Bekevar wind energy project is expected to generate clean energy which will be sufficient to deliver power to over 100,000 households.
Bekevar is said to become the largest wind power project in Saskatchewan and is anticipated to mitigate carbon emissions by nearly 130,000 tonnes a year.
Upon completion of the multi-party transaction to secure equity and debt financing, the onshore wind facility is expected to break ground in May 2023.
Commercial operation at the Bekevar wind project is anticipated to be achieved by the end of 2024.
RES and ANEDLP have been working together since 2017 to develop the Bekevar project.
Cowessess First Nation Chief Cadmus Delorme said: “Cowessess First Nation has been involved in utility scale wind development since 2010. Here we are, 13 years later, having closed financing on our first project with RES and Innagreen.
“This project will benefit Cowessess First Nation in the business sector and our province in SaskPower’s goal to minimise carbon emissions.”