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Canadian pension, developer in €35.2m French wind deal

The acquisition of the 44MW wind farm in northern France received debt financing from a French infrastructure fund.

Canadian developer Innergex Renewable Energy and the Desjardins Group pension fund have bought a 44MW wind farm in the north of France.

The pair have completed a €35.2 million deal for the Yonne wind facility, which began operations at the end of last month. The facility has a power purchase agreement with EDF running until 2031.

Innergex and Desjardins said the acquisition was partly funded through an €8.5 million loan from a French infrastructure fund which has an eight-year term and an interest rate of 7.25 percent. The parties declined to disclose the identity of the infrastructure fund.

Innergex holds 69.55 percent of the Yonne project, with Desjardins owning the remaining 30.45 percent. This ownership structure was also used across the previous nine joint investments previously made in France by the two investors, most recently in December last year when they acquired two wind farms with a combined capacity of 24MW.

This followed their entry into the country nine months earlier when they bought eight French wind projects from German developer wpd with a capacity of 131MW. Their total French portfolio now numbers 154.8MW.

However, the bulk of Innergex’ portfolio is made up of hydropower plants in Canada. Desjardins is a 50 percent partner in one of them, a 31MW project.