EDF EN Canada Inc., a subsidiary of EDF Energies Nouvelles Group, have executed an Asset Purchase Agreement with DIM WIND LP, a limited partnership formed by a consortium of three affiliates of the Desjardins Group, Manulife Financial Corporation, and iA Financial Group.
The agreement is to divest a 42.5% interest to the consortium in the 350-MW Rivière-du-Moulin Wind Project, subject to customary conditions precedents. As part of the transaction, the consortium will also provide long-term project debt financing.
The wind farm is being developed in two phases and is located in the unorganized territory (UT) of Lac-Pikauba in the Regional County Municipalities (RCM) of Charlevoix and the UT of Lac-Ministuk in the RCM of Fjord-du–Saguenay.
The first 150-MW phase already reached commissioning last year on November 27, 2014. The second 200-MW phase is scheduled for commissioning by December 2015. Electricity generated by the project is delivered to Hydro-Quebec Distribution under a 20-year Power Purchase Agreement.
“We are delighted to welcome the Consortium as a co-owner of our largest wind project in North America. The long-term investment view shared by Desjardins, Manulife, and Industrial Alliance aligns very well with EDF EN Canada’s strategy and Rivière-du-Moulin is a perfect fit,” commented Raphael Declercq, Vice President of Portfolio Strategy. “The Consortium furthermore places value on the importance of strong community ties; which is a key tenet to our project development approach.”
“The Consortium is delighted to have worked with EDF EN Canada on this high-quality transaction and project and very much look forward to a long-term relationship with such a strong partner, owner, and operator in the renewable energy sector,” commented Sylvain Gareau, Vice-President at Régime de rentes du Mouvement Desjardins, William Sutherland, Senior Managing Director at Manulife, and Frank Lachance, Vice President Portfolio Management at iA, in a joint statement.
EDF EN Canada will remain involved in the project as a 57.5% co-owner and to provide management services. EDF Renewable Services will continue to provide a portion of the current operations and maintenance services as well as 24/7 remote monitoring from its Operations Control Center (OCC).
Rivière-du-Moulin Wind Project represents the largest wind-energy facility in Canada with 350-MW under a single Power Purchase Agreement. It is the largest of eight wind projects awarded to EDF EN Canada in 2008, 2010, and 2013 through Hydro-Quebec Distribution call for tenders. The project further represents the largest onshore wind facility to be developed, built and put into service by the EDF EN Group globally. By the end of 2017, EDF EN Canada will have placed in service 1,599 MW of wind and solar projects in Canada.
EDF EN Canada, Inc.
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