Renewable energy investment platform Innagreen and ANEDLP, the entity owned by the Cowessess First Nation, have jointly announced their acquisition of the 200 MW Bekevar wind project from RES. This project will be funded by the Infrastructure Bank of Canada and NORD/LB, and will proceed to the construction phase. It will provide zero-emission electricity to more than 100,000 homes while reducing carbon emissions by approximately 130,000 tons per year. Construction will begin in May 2023 and is expected to reach commercial operation by the end of 2024.
A key acquisition for Innagreen and ANEDLP
The Bekevar project will provide 200 MW of zero-emission electricity to the local grid, providing clean, sustainable electricity to more than 100,000 homes. It will also allow Saskatchewan to switch from coal to renewable energy and reduce carbon emissions by approximately 130,000 tonnes per year.
Construction scheduled for May 2023
Located in the Rural Municipality of Hazlewood, the Rural Municipality of Kingsley and on Cowessess First Nation reserve land, Bekevar will begin construction in May 2023 and is expected to reach commercial operation by the end of 2024. The Infrastructure Bank of Canada and NORD/LB will finance this project, which will integrate more renewable energy into the province’s electricity system.
A multi-party acquisition
Following the multi-party transaction to secure equity and debt financing, Innagreen will own 83% of Bekevar and ANEDLP will own 17%. RES will provide construction services, in collaboration with local subcontractors, and will operate and manage the asset.
Opportunities for Cowessess First Nation
ANEDLP will ensure that contractors and skilled Aboriginal workers benefit from available construction jobs. The partnership also creates capital investment and training opportunities for Cowessess First Nation members during the future development and operational phases.
ANEDLP’s investment in Bekevar Wind marks the Cowessess First Nation’s largest renewable energy project to date and places them among the leaders in Canada for having a comprehensive portfolio of both large-scale wind and solar energy.
Investment by the Infrastructure Bank of Canada and NORD/LB
Canada Infrastructure Bank CEO Ehren Cory emphasized the importance of clean energy investments in meeting greenhouse gas emission reduction targets. The bank’s $173 million investment in the Bekevar project will help Saskatchewan reduce its reliance on coal-fired generation and significantly reduce greenhouse gas emissions.
NORD/LB’s Global Head of Structured Finance, Heiko Ludwig, said he was proud to have supported Innagreen and the Cowessess First Nation in financing a major Canadian wind energy project with an innovative financing structure. The Bekevar project is an example of NORD/LB’s commitment to working with clients around the world to finance sustainable energy initiatives, thereby contributing to a greener future.