The Alberta Investment Management Corp. is entering into a partnership with U.S.-based Enel Green Power North America Inc. for the operation of two renewable energy projects in Alberta.
AIMCo will take on a 49 per cent equity interest in two wind farms, which are expected to be constructed in 2019. Castle Rock Ridge II is a 30.6 mega watt expansion of a facility already owned by Enel Green Power North America, while Riverview is a 115 mega watt greenfield project.
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“We believe this is an exciting investment opportunity to partner on behalf of AIMCo’s clients in these high-quality infrastructure assets,” said Ben Hawkins, senior vice-president of infrastructure and timber at AIMCo, in a press release. “Once constructed, these facilities will deliver renewable power to the Alberta electrical grid for many years, helping to meet the long-term energy needs of Albertans.
“We are pleased to be partnered in these facilities with a global leader in the industry, and confident in their development and operating capabilities for renewable facilities.”
In Alberta, and Canada more broadly, there are “tremendous opportunity for renewables growth, including through these partnerships with renowned local investors,” noted Antonio Cammisecra, head of Enel’s global renewable energies division.
At the close of the transaction, Enel Green Power North America will manage and operate both wind farms, as well as performing asset management activities. As well, the company will maintain majority ownership of the projects.