The Desjardins Group Pension Plan and Desjardins Financial Security have partnered with Connor, Clark & Lunn Infrastructure (CC&L) to acquire a majority stake in a portfolio of U.S. renewable power assets from EDP Renovaveis (EDPR).
EDPR has developed four wind farms currently in operation and one construction-stage solar farm. The projects, located in Indiana, Wisconsin, Oklahoma and Ohio, will produce more than 560 megawatts once operational.
EDPR will stay on as a minority shareholder and continue to operate and manage the farms. The transaction is subject to regulatory approval and is expected to be finalized by the end of the year.
The farms have long-term power-purchase agreements with electric cooperatives that serve sparsely populated rural areas, generating predictable and stable cash flow for the long term. The deal also will contribute to Desjardins's matching goals for infrastructure holdings. The farms ultimately will generate enough clean e
