The purchase agreement provides that upon closing of the transaction, EDF EN Canada Inc. would acquire the 30% ownership shares of SLE held by RES Canada and all of the ownership interests in seven Quebec wind farm projects currently owned jointly by RES Canada and EDF EN Canada Inc., the development of which is managed by SLE.
The completion of the transaction is subject to customary conditions precedent, including the prior consent and approval of Hydro-Québec Distribution and Hydro-Québec TransÉnergie.
SLE was formed in 2008 for the purpose of managing the development of five Québec-based wind energy projects totaling 954 MW won in the 2007 Hydro-Québec RFP – nearly half of all megawatts awarded. The Montréal-based staff of SLE are finalizing development and preparing for construction activities for the first of these projects that will start in the second half of 2011. The Power Purchase Agreements (PPA) with Hydro-Québec for the five original projects are 20-year contracts with start of project operations extending from 2012 to 2015.
Hydro-Québec additionally awarded 49.2 MW, comprising two projects, to RES Canada and EDF EN Canada Inc. in December 2010 pursuant to its municipal tender. One project jointly owned with the MRC du Granit and the other jointly owned with the MRC de la Mitis. The development of these municipal projects is also being managed by SLE.
“EDF EN Canada Inc. is pleased to acquire the remaining shares in Saint-Laurent Énergies Inc. and its assets under management in Québec. We appreciate the partnership with RES Canada and collaboration of expertise to move these valuable projects forward,” said Al Kurzenhauser, Vice President of EDF EN Canada Inc. “As we prepare to enter the construction phase of the first project, we look forward to this opportunity to deploy our capital as the long-term owner.”
“Together, RES Canada and EDF EN Canada Inc. delivered competitive wind energy projects to the Québec market. We are rightly proud of this result,” said Peter Clibbon, Vice President of RES Canada. “RES Canada will continue to develop and construct wind projects in Québec and the rest of Canada, supporting the governments’ goal to develop a robust wind energy industry and supply chain.”
EDF EN Canada Inc. – an EDF Energies Nouvelles Company is a market leader in renewable energy development, with an integrated approach that covers every aspect of project origination and implementation through to electricity generation, operations and maintenance. The company offers financial strength, technical innovation and an unmatched commitment to customer service. EDF EN Canada Inc. draws on the market leadership of enXco, EDF Energies Nouvelle’s US affiliate. With more than 3,300 MW of renewable energy projects in service or under construction, EDF Energies Nouvelles is at the forefront of renewable energy development.
Saint-Laurent Énergies Inc., a Montréal-based wind energy company, is dedicated to develop and build 1003.2 MW of wind farm projects secured in Hydro-Québec call for tenders for wind energy.