The Desjardins Group Pension Plan (DGPP) has committed to acquire, upon completion of construction and upon certain other terms and conditions, a portion of EDF Renewables Canada Inc.’s stake in the Cypress Wind Project. The Project will consist of 48 turbines with a total capacity of 201.6 megawatts and will be located southeast of Medicine Hat, Alberta in Cypress County.
Upon completion of the transaction, DGPP will own 40.5 per cent of the Project, EDF Renewables Canada will hold 34.5 per cent, and the Blood Tribe, a First Nation located at Stand Off, Alberta and advised by Indigena Capital, LP, will own the remaining 25 per cent stake. The Project will be developed, built, and operated by EDF Renewables Canada, which has developed ten wind farm projects across Canada to date. Construction will start in 2020 and is expected to be operational by 2021.
The Cypress Wind Project will be developed in collaboration with the local communities, to ensure it is carried out in a manner that is respectful of the needs, heritage, and future of Cypress County. The Project is expected to create 250 jobs at peak construction and provide up to 10 long-term positions during its operational life.
“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,” said Guy Cormier, president and CEO of Desjardins Group. “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.”
The Project is one of eight wind projects selected to enter into a Renewable Electricity Support Agreement by the Alberta Electric System Operator in rounds two and three of the competitive procurement process for its Renewable Electricity Program, which were launched in March 2018.