EDP Renováveis to sell US renewable power assets to Desjardins Group

16 September 2020 (Last Updated September 16th, 2020 12:53)

Canadian financial services firm Desjardins Group has signed a deal for its first direct US renewable infrastructure acquisition with EDP Renováveis.

EDP Renováveis to sell US renewable power assets to Desjardins Group
Desjardins Group has bought a majority stake in four wind farms and one solar farm. Credit: Jason Blackeye on Unsplash.

Canadian financial services firm Desjardins Group has signed a deal for its first direct US renewable infrastructure acquisition with EDP Renováveis (EDPR).

The Desjardins Group Pension Plan and Desjardins Financial Security collaborated with Connor, Clark & Lunn Infrastructure to buy a majority stake in the portfolio.

The acquisition includes four operational wind farms and one solar farm, which is currently under construction.

Located across the US states of Indiana, Wisconsin, Oklahoma and Ohio, the portfolio will have a combined capacity of over 560MW.

The energy generated by the facilities will power 140,000 households, while offsetting greenhouse gases equivalent to 280,000 cars annually. Energy cooperatives serving sparsely populated rural areas have agreed to purchase the electricity generated by the portfolio.

EDPR will retain a minority stake in the portfolio, while still operating and managing the facilities. The companies expect to finalise the transaction by the end of this year, subject to regulatory approval.

Desjardins Group values its portfolio of wind, solar and hydroelectric generation at over $1.1bn.

Desjardins Group president and CEO Guy Cormier said: “Our latest investment in renewable energy is another great example of how Desjardins contributes to communities and supports sustainable prosperity, and how committed we are to green energy.

“We’re so proud of how our organization worked together through the pandemic to complete this transaction. Every sector is committed to speeding up the energy transition and the pace will only get faster from here.”

Last month, Desjardins Group also forayed into the Asian renewable energy sector after acquiring a minority stake in a 376MW offshore wind farm in Taiwan. The wind farm is expected to come online in late 2021.