MONTREAL, Québec (Nov. 5, 2015): EDF Renewables Inc., a subsidiary of EDF Energies Nouvelles Group, today announced that they have executed an Asset Purchase Agreement with DIM WIND LP, a limited partnership formed by a consortium (the “Consortium”) of three affiliates of the Desjardins Group (“Desjardins”); Manulife Financial Corporation (“Manulife”); and iA Financial Group (“iA”), to divest to the Consortium, a 42.5% interest in the 350 megawatt (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 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.
“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 Renewables’ 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 Renewables 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 Renewables 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 Renewables 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 Renewables will have placed in service 1,599 MW of wind and solar projects in Canada.
Contact EDF Renewables inc:
Fabiola Oribe ▪ 514-397-9997 ext 202 ▪ Fabiola.Oribe@edf-en.ca
Sandi Briner ▪ 858-521-3525 ▪ Sandi.Briner@edf-en.ca
ABOUT EDF EN CANADA INC.:
EDF Renewables, 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 Renewables employs an integrated approach to project development covering all aspects from conception to commissioning through to generation and long term operations. The subsidiary offers financial strength, technological innovation and an emphasis on service. EDF Renewables draws on the market expertise of EDF Renewable Energy, EDF Energies Nouvelles’ U.S. subsidiary. EDF Energies Nouvelles is 100% owned by the EDF Group. www.edf-energies-nouvelles.com www.edf-en.ca
ABOUT DESJARDINS GROUP:
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world with assets of close to $251 billion. It has been rated one of the 50 Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Considered North America’s strongest bank according to Bloomberg News, Desjardins has one of the highest capital ratios and credit ratings in the industry.
ABOUT iA FINANCIAL GROUP
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. Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and one of the largest publicly‐traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2014, we had 28,000 employees, 58,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of June 2015, we had $883 billion (US$708 billion) in assets under management and administration, and in the previous 12 months we made more than $22 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit http://www.manulife.com or www.johnhancock.com.