RES Canada To Sell Minority Ownership Interest In SLE Projects

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Renewable Energy Systems Canada Inc. (RES Canada), an affiliate of RES Americas, will sell its minority ownership interest in the Saint-Laurent Energies (SLE) consortium projects to EDF EN Canada Inc.

The seven projects total more than 1,000 MW. The closing of the transaction is subject to customary conditions and is expected to occur in the near future.

RES Canada and EDF EN Canada Inc. joined forces in April 2007, assembling their Quebec wind portfolios for participation in the Hydro-Quebec 2,000 MW tender, including 224 MW of RES Canada-originated projects.

The combined portfolio was ultimately successful in the tender, signing 954 MW worth of power purchase agreements in June 2008. The projects' favorable economics were confirmed in November 2009, and RES Canada and EDF EN jointly concluded a framework agreement for turbine supply with German turbine manufacturer REpower Systems AG.

The development teams of RES Canada and EDF EN Canada, and later through their affiliate SLE, successfully developed the projects to the point that 380 MW of the projects are expected to commence construction this year.

Hydro-Quebec awarded RES Canada and EDF EN Canada an additional 49.2 MW of projects in December 2010 in the utility's municipal tender.

SOURCE: Renewable Energy Systems Americas Inc.

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