Construction of the project will begin next year and is expected to be operational by 2021
Image: EDF Renewables Canada to sell stake in Cypress Wind Project to Desjardins Group Pension Plan. Photo: Courtesy of Desjardins Group.
The Desjardins Group Pension Plan (DGPP) has agreed to acquire a portion of the EDF Renewables Canada’s stake in 201.6MW Cypress wind project, which will be located in Cypress County, Alberta.
DGPP will acquire the project after the wind farm’s construction is completed, along with other terms and conditions.
As part of the agreement, DGPP has agreed to acquire 40.5% of the wind project, while EDF Renewables Canada will hold 34.5% of the project. The remaining 25% stake will be owned by the Blood Tribe, a First Nation located at Stand Off, Alberta.
Desjardins Group president and CEO Guy Cormier said: “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.
“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.”
Cypress wind project details
Construction of the project will begin next year and is expected to be operational by 2021. The project, powered by 48 turbines, will be developed, built and operated by EDF Renewables Canada.
DGPP stated that the wind project will be developed in collaboration with local communities. During the construction phase, about 250 jobs and 10 permanent jobs will be created during the operational life of the project. When completed, the wind farm will generate enough clean electricity to be supplied to 100,000 average Alberta homes annually.
The Cypress wind project is one of the 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 last March.
EDF Renewables North America Divestiture and Portfolio Strategy vice president Nate McMurry said: “EDF Renewables Canada is pleased to expand its long-standing partnership with Desjardins. We are proud to be developing an attractive opportunity for an experienced infrastructure investor.”
Last December, EDF Renewables Canada signed a 20-year Renewable Electricity Support Agreement (RESA) with the Alberta Electricity System Operator (AESO) for renewable attributes related to the wind project.