Desjardins Group Pension Plan acquires stake in renewable projects

Initiatives support energy transition in the region

Desjardins Group Pension Plan acquires stake in renewable projects

Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II L.P. (Desjardins) acquired 37.5% of the stake that EDF Renewables Canada Inc. had in the Cypress 1 and 2 Wind Projects, a report by MENAFN said.

“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.” said Frederic Angers, vice president and CIO, private markets at Desjardins Global Asset Management.

“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.

Alongside Desjardins, EDF Renewables Canada also holds a 37.5% stake in the projects while the remaining 25% is owned by the Blood Tribe, a First Nation found in Stand Off, Alberta.

“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.” said Estrada.

Comprising of a 247-megawatt (MW) capacity, the projects are located in Cypress County, southeast of Medicine Hat, Alberta. They were developed, built, and operated by EDF Renewables Canada, supporting the energy transition in the region.

The Cypress 1 Project was one of the 5 wind projects that were selected to enter a Renewable Electricity Support Agreement with the Alberta Electric System Operator. This was during the second round of the competitive procurement process for the province’s Renewable Electricity Program.