The Desjardins Group Pension Plan and Desjardins Financial Security have joined hands with Connor, Clark & Lunn (CC&L) Infrastructure to acquire a majority stake in a portfolio of US renewable power assets from EDP Renováveis (EDPR).
EDPR has developed 4 wind farms currently in operation and 1 construction-stage solar farm, located in the states of Indiana, Wisconsin, Oklahoma and Ohio. Once all the farms become operational, they together are expected to produce over 560 MW of renewable energy.
Further, EDPR will be the minority stakeholder and continue to operate and manage the farms. However, the transaction is subject to regulatory approval and is expected to be finalized by the end of the year.
Moreover, these farms already have long term power purchase agreements (PPAs) signed with electric cooperatives that serve sparsely populated rural areas, generating predictable and stable cash flow for the long term.
Commenting on the development, Guy Cormier, President and CEO of Desjardins Group, said that “our latest investment in renewable energy is another great example of how Desjardins contributes to communities and supports sustainable prosperity, and how committed we are to green energy.”
“We're so proud of how our organization worked together through the pandemic to complete this transaction. Every sector is committed to speeding up the energy transition and the pace will only get faster from here,” Cormier added.
The farms are the latest addition to Desjardins Group's renewable energy asset portfolio, which is valued at over USD 1.1 billion and includes wind farms, solar farms and hydroelectric power plants around the world.
Desjardins Group first ventured into the renewable energy sector in Asia in August when it acquired a minority interest in a 376 MW offshore wind farm. When construction is complete in late 2021, the facility will be Taiwan’s largest wind farm, powering 380,000 households and displacing 700 kilotons of greenhouse gas emissions annually.
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