Fiera Axium Infrastructure netted its first solar power asset with a deal Tuesday for a 47-megawatt (MW) photovoltaic (PV) portfolio from EDF EN Canada, a renewable energy developer owned by Paris-based utility EDF Group.
The transaction let Fiera Axium take possession of the Elmsley East & West solar park project in Ontario, as well as the close-by Saint Isidore A and Saint Isidore B developments. Each park is capable of generating 24MW in PV energy apiece. The cost of the deal was not disclosed.
Both Elmsley East & West and Saint Isidore A and B have a 20-year contract to sell energy to the Ontario Power Authority, according to Toronto-headquartered Fiera Axium. An EDF EN unit named enXco Service Canada will continue to operate each park, Fiera Axium said.
The transaction was completed via Fiera Axium Infrastructure Canada, a 10-year, closed-end fund Fiera Axium established to invest in core infrastructure. Fiera Axium itself is a jointly-held venture between C$54 billion (€34 billion; $53 billion) asset manager Fiera Capital Corporation and Axium Infrastructure Management.
Fiera Axium chief executive Pierre Anctil called the deal “consistent” with its investment strategy, citing the predictable cash flow offered by PV power.
The acquisition followed a May wind power deal which involved Fiera Axium partnering with energy company Eolectric to create a fund to invest in a 101MW, 44-turbine wind farm known as Vents du Kempt in Quebec.