Pattern Energy Group Inc. and the Ottawa-based Public Sector Pension Investment Board (PSP Investments) have acquired the 147 MW Mont Sainte-Marguerite Wind project from Pattern Energy Group LP (Pattern Development 1.0).
Mont Sainte-Marguerite Wind is located approximately 50 kilometers south of Québec City in the Chaudière-Appalaches region. The fully operational project has been jointly acquired pursuant to a previously agreed-upon purchase-and-sale agreement: Pattern Energy acquired a 51% interest in Mont Sainte-Marguerite for a total investment of approximately $40 million, funded using available liquidity, and PSP Investments acquired a 49% interest. Pattern Energy will operate the facility.
“Mont Sainte-Marguerite Wind is an ideal investment from any angle, including everything from its long-term potential to its locally sourced construction and positive local impact,” states Patrick Samson, managing director and head of infrastructure investments at PSP Investments, which manages a global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. The firm manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.
Mont Sainte-Marguerite operates under a 25-year power purchase agreement (PPA) with Hydro-Québec Distribution. It is expected to generate enough power for approximately 28,000 Québec homes annually. The high-elevation site has one of the strongest wind resources in the region, the partners note.
“This is our first wind power facility in Québec and our third project under the joint venture agreement with PSP Investments, underscoring the strategic value of our partnership,” says Mike Garland, CEO of Pattern Energy. “With strong CAFD contributions and a 25-year PPA, Mont Sainte-Marguerite is a fantastic addition to our growing portfolio that expands our Canadian footprint and further diversifies our portfolio. We now have a total of seven operational wind facilities across Canada with a total capacity to power more than 450,000 Canadian homes each year.”
The facility is made up of 46 Siemens Gamesa 3.2 MW direct-drive wind turbines with components made in Canada. More than 350 workers were employed on-site at the peak of construction activity, and there are approximately 10 permanent employees for ongoing operations and maintenance, in addition to a number of local contractors.
The partners note that Mont Sainte-Marguerite Wind is bringing strong economic benefits to the local community, including more than C$775,000 annually to the municipalities of Sacré-Coeur-de-Jésus, Saint-Sylvestre and Saint-Séverin, which are stakeholders in the facility and were active participants in its development.
