Under the agreement, EDF will divest the stake to DIM WIND LP, a consortium formed by three affiliates of the Desjardins Group, Manulife Financial Corp. and iA Financial Group. As part of the transaction, the consortium will also provide long-term project debt financing.
The wind farm is being developed in two phases, with the first phase of 150 MW having reached commissioning on Nov. 27, 2014, and the second phase of 200 MW 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 Riviere-du-Moulin is a perfect fit," comments Raphael Declercq, EDF's vice president of portfolio strategy.
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.