Desjardins Acquires a Portion of EDF Renewables Canada Inc.’s Stake in Cypress 1 & 2 Wind Projects
MONTRÉAL–(BUSINESS WIRE)–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.
About EDF Renewables North America
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. Connect with us on LinkedIn, Facebook and Twitter.
About Desjardins Group
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.
About Desjardins Group Pension Plan (“DGPP”)
Through its Retirement Committee, DGPP provides a defined benefit pension plan to more than 84,000 beneficiaries. As of the end of 2022, DGPP managed fund assets of C$15.2 billion making it one of the largest private pension plans in Canada.
About DGAM Global Private Infrastructure Fund II L.P. (“DGAM Fund” or the “Fund”)
DGAM Fund was launched at the end of 2021 to gives Desjardins Group’s institutional clients access to infrastructure and renewable investing. The Fund targets long-term equity investments in infrastructure assets worldwide that can generate stable and predictable revenues. To date, it has reached 340 M$ in commitment from internal and external clients and close on 10 investments. The Fund is managed by Desjardins Global Asset Management (“DGAM”), which was established in 1998 and is one of Canada’s largest asset managers with in-house expertise in equity, fixed income and real assets (infrastructure, real estate). DGAM manages over CA$77 billion in institutional assets with offices in Montreal, Quebec City and Toronto, and our team of over 80 investment professionals designs solutions tailored to our clients’ unique needs.
Contacts
Sandi Briner
VP, Corporate Communications
EDF Renewables North America
858-521-3525
Chantal Corbeil
Media Spokesperson
Desjardins Group
514 281-7229
