The Public Sector Pension Investment Board, alongside Pattern Energy Group Inc., is completing the acquisition of a wind power facility about 50 kilometres south of Quebec City.
Pattern Energy, which will operate the facility, has taken on a 51 per cent interest for about $52 million, with the PSP taking on the remaining 49 per cent. The Mont Sainte-Marguerite wind power facility has a capacity of 147 megawatts and is fully operational. The deal was first announced in April 2018.
Read: PSP Investments buys Quebec wind power project, B.C. real estate portfolio
“Mont Sainte-Marguerite Wind is an ideal investment from any angle, including everything from its long-term potential to its locally sourced construction and positive local impact,” said Patrick Samson, managing director and head of infrastructure investments at PSP Investments, in a press release. “We are proud to once again partner with Pattern Energy, to support its continued growth and its ability to increasingly provide renewable energy to clients throughout the world.”
The facility, which is working under a 25-year power purchase agreement with Hydro-Québec Distribution, is expected to provide power sufficient for 28,000 Quebec homes annually. Its location, on one of the higher elevations in southern Quebec, makes it well positioned to benefit from strong winds in the region, according to the release.
“This is our first wind power facility in Quebec and our third project under the joint venture agreement with PSP Investments, underscoring the strategic value of our partnership,” said Mike Garland, chief executive officer of Pattern Energy.