EDF EN Canada Inc., a subsidiary of EDF Energies Nouvelles Group, has 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, to divest to the consortium, a 42.5% interest in the 350 megawatt (MW) Rivière-du-Moulin Wind Project.
The transaction is subject to customary conditions precedents. As part of the transaction, the Consortium will also provide long term project debt financing.
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 wind farm is being developed in two phases: the first phase of 150 MW reached commissioning on November 27, 2014. The second phase of 200 MW 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.
Raphael Declercq, Vice President of Portfolio Strategy of EDF, commented:
“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. The consortium furthermore places value on the importance of strong community ties; which is a key tenet to our project development approach.”
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, stated:
“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.”
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 at 350 MW total under a single Power Purchase Agreement and the largest of eight wind energy 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.