EDF EN Canada to sell minority stakes in 350-MW wind project in Quebec

EDF EN Canada announced Nov. 5 that there is an executed Asset Purchase Agreement with DIM WIND LP, a limited partnership formed by a consortium of three affiliates of the Desjardins Group, Manulife Financial Corp. and iA Financial Group, to divest to the consortium a 42.5% interest 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. 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 in November 2014; and
  • 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.

“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 for EDF.

“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,” said 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.

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. 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, a subsidiary of EDF Energies Nouvelles, is a market leader in renewable energy, with more than 1,300 MW of wind and solar power facilities in service or under construction. Headquartered in Toronto and Montreal, EDF EN Canada employs an integrated approach to project development covering all aspects from conception to commissioning through to generation and long term operations.

Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world.

iA Financial Group is a business name and trademark under which Industrial Alliance Insurance and Financial Services Inc. operates in Canada and the United States.

Manulife Financial is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. It operates as John Hancock in the United States, and Manulife elsewhere.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.