June 21 (Renewables Now) - Canada’s Desjardins Group Pension Plan (DGPP) intends to buy 40.5% of EDF Renewables Canada's interest in the 201.6-MW Cypress wind project in Alberta.
The Canadian pension fund announced this on Wednesday, saying the acquisition will be carried out once construction of the plant has been completed. The scheme is a partnership between EDF Renewables, Canada and the Blood Tribe, which will host the plant within its traditional territory in Cypress County. Following the transaction with DGPP, EDF Renewables will own 34.5%, while the Blood Tribe will hold 25%.
The 48-turbine Cypress wind farm will be developed, built and operated by EDF Renewables. Construction is scheduled to begin next year, while commercial operations are to be launched by 2021.
The project was selected in Alberta’s renewable energy tender launched in March 2018 and has in place a 20-year power purchase agreement (PPA) with the Alberta Electric System Operator (AESO).