The Desjardins Group Pension Plan is set to acquire a portion of EDF Renewables Canada Inc.’s stake in the Cypress Wind Project, pending the completion of its construction and other terms and conditions.
Located southeast of Medicine Hat, Alta., the project will total 48 turbines with a combined capacity of 201.6 megawatts. Construction is expected to start in 2020, with the facilities becoming operational by 2021.
“Desjardins is proud to contribute to the Cypress Wind Project in partnership with the Blood Tribe and EDF Renewables Canada Inc., one of our long-standing partners,” said Guy Cormier, president and chief executive officer of Desjardins Group, in a press release. “Desjardins has made it a priority to invest in green infrastructure, reflecting our commitment to a fair energy transition. It has invested globally over $1.2 billion in green energy projects, showing leadership in the renewable energy infrastructure space.”
The DGPP will take on a 40.5 per cent stake in the project, while EDF Renewables Canada will hold 34.5 per cent, with the remaining 25 per cent held by the Blood Tribe First Nation, advised by Indigena Capital.