EDF sells 15% stake in 350MW wind farm

The Canadian subsidiary of EDF Energies Nouvelles has sold a 15 percent interest in a 350MW wind farm in Quebec.

A consortium of Canadian investors bought part of EDF EN Canada's stake in the $800 million Riviere-du-Moulin project. The group includes the Regional County Municipality of Charlevoix and Fjord-du Saguenay, the Innu of Mashteuiatsh and Essipit First Nations and the Huron Wendat Nation, which hold a 5 percent stake each. EDF retains a 42.5 percent holding in the facility.

EDF completed the project last November, upon which it sold a 42.5 percent stake to a consortium including Desjardins Group, Manulife Financial Corporation and iA Financial Group. These financiers provided long-term project debt as part of the agreement. According to EDF, Riviere-du-Moulin is the largest wind project in Canada under a single power purchase agreement. It is also the largest onshore wind farm the company has ever developed.

“This transaction demonstrates the importance we place on developing infrastructure projects in accordance with the community needs,” Alex Couture, director of generation for EDF in Canada, said in a statement.

In March, EDF won the right to build the 60MW Romney Wind Energy Centre in Ontario through a renewables auction hosted by Independent Electricity System Operator, the territory's utility. IESO announced earlier this month it is planning another auction with 600MW of onshore wind available for bids. EDF is considered likely to participate.