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.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 13 GW under service contracts. In Canada, the Company has 1.9 GW of wind and solar power facilities in service or under construction and 4.2 GW under development. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com.
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $398.6 billion as at March 2023.To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.