Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II L.P. (together “Desjardins”) have completed the acquisition of a 37.5% interest in EDF Renewables Canada Inc. in the Cypress 1 and 2 wind farm projects.
Cypress Wind Projects: Renewable Energy and Responsible Commitment in Alberta
The projects, located southeast of Medicine Hat, Alberta, in Cypress County, have a total capacity of 247 megawatts (MW). Desjardins now owns 37.5% of the project, EDF Renewables Canada owns 37.5% and the Blood Tribe, a First Nation located in Stand Off, Alberta, owns the remaining 25%. The projects, developed, built and operated by EDF Renewables Canada, support the region’s energy transition through a responsible and sustainable approach to economic development. Construction began in 2020, creating 250 jobs at its peak, and became operational in 2022 and 2023.
“Desjardins is proud to invest alongside Blood Tribe and EDF Renewables Canada Inc. in the Cypress wind projects,” said Frédéric Angers, Vice-President and CIO, Private Markets at Desjardins Global Asset Management.
“This is our 4th major project in partnership with EDF Renewables in Canada, an excellent long-term investment in the renewable energy sector for our customers and another demonstration of DGAM’s commitment to responsible investment.”
“EDF Renewables Canada is pleased to partner with an experienced infrastructure investor and expand its long-standing partnership with Desjardins,” said Andres Estrada, Senior Director, Portfolio Strategy, EDF Renewables North America.
“We are delighted to contribute to the growth of a low-carbon economy in Alberta and are proud to strengthen our relationships with local communities, ensuring that these valuable wind projects are developed and built in a way that respects the needs. heritage and future of Cypress County.”
The Cypress 1 project is one of five wind power projects selected for a Renewable Electricity Support Agreement. This, with Alberta’s power grid operator. As part of the second round of the competitive procurement process for its renewable electricity program, which was launched in March 2018.
