The Caisse de dépôt et placement du Québec has loaned $59.5 million to the New Richmond wind farm in Gaspésie, Que.

The farm’s 33 wind turbines can generate 67.8 megawatts, which is sold to Hydro-Québec under a 20-year power purchase agreement.

Read: Caisse to increase stake in water treatment company Ovivo

“This financing will provide our clients with stable long-term returns in a promising sector,” Marc Cormier, executive vice-president of fixed income at Caisse, said in a release.

The farm, which began operations in 2013, is run by TransAlta Renewables.

Caisse has financed three wind farm projects in Quebec, and is a major shareholder in Invenergy’s North American wind farms and the offshore wind farm London Array.

Read: Caisse to acquire French property management company

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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