Major pension manager finances alternative energy project

One of the leading institutional fund managers in Canada has invested in a renewable energy venture

Major pension manager finances alternative energy project
Caisse de dépôt et de placement du Québec (CPDQ) has provided a a $90-million term-loan financing for the construction of the Mont Sainte-Marguerite wind farm project in the Chaudière-Appalaches region.

Developed by Pattern Energy Group through a partnership with the municipalities of Sacré-Coeur-de-Jésus, Saint-Sylvestre and Saint-Séverin, the project includes the development and operation of a wind farm with 46 wind turbines. The operational farm will have a capacity of 147 megawatts, equivalent to the consumption of over 25,000 households in Quebec. Hydro-Quebec will buy the power generated under a 25-year agreement with the developers.

“In addition to contributing to the development of clean and renewable energy, the Mont Sainte-Marguerite wind power project will have a positive impact on the regional economy,” said Marc Cormier, executive vice president for fixed income at CPDQ.

CPDQ has provided financing for four other wind farm projects in Quebec: Parc des Moulins (Chaudières-Appalaches), Vents du Kempt (Bas-Saint-Laurent), the construction of the Parcs éoliens de la Seigneurie de Beaupré (Capitale-Nationale) and the New Richmond wind farm (Gaspésie). The fund also has interests in other wind farms in the US and the UK.

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