Desjardins pension fund in C$50m French wind farms dea

The Canadian pension has bought into a portfolio of eight wind farms held by developer Innergex Renewable Energy.

The Desjardins Group Pension Plan, Canada’s seventh-largest defined benefit pension, has closed on the acquisition of a stake in a portfolio of French wind farms.

Quebec-based developer Innergex Renewable Energy has sold C$38.4 million ($29.8 million; €26.6 million) of common shares in the wind farm portfolio to the pension, with Desjardins’ commitment set to increase to C$50 million after Innergex acquires a wind farm currently under construction.

After the deal, Innergex will control a 69.55 percent stake in the projects, with Desjardins holding the remainder. The developer bought the seven-farm portfolio, located in the north and centre of France, earlier this year from Germany’s wpd europe.

The projects are located in the north and centre of France. When the eighth project is finished, the portfolio will generate a combined 131MW. Earlier this year, Innergex closed the $9.2 million acquisition of the 16MW Walden North hydroelectric facility.

Innergex, founded in 1990, develops, owns and operates run-of-river hydro facilities, wind farms and solar projects. It has 42 operating assets in Canada, the US and France with a 777MW combined capacity. Dejardins has $10.6 billion in assets under management.