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Enel to sell stake in 145MW Canadian wind projects to AIMCo

CTBR Staff Writer Published 08 February 2018

Italian energy company Enel has agreed to sell stakes of 49% in two new Canadian wind farms with a combined capacity of 145.6MW to Alberta Investment Management Corporation (AIMCo).

Through the transaction, AIMCo will partner Enel’s US renewables subsidiary, Enel Green Power North America (EGPNA) in the two wind farms to be built with a combined investment of about $170m in Pincher Creek, Alberta.

The two wind farms involved in the transaction are the 115MW Riverview and the 30.6MW Castle Rock Ridge II, which are expected to enter into commercial operations by the end of 2019.

Castle Rock Ridge II is an expansion of EGPNA’s operating 76MW Castle Rock Ridge facility with the Riverview wind farm to be built next to it.

Enel Green Power head Antonio Cammisecra said: “This agreement is a step forward in the execution of our Build-Sell-Operate model.

“A business model that is attracting long-term capital to support our pipeline of projects in key markets. Specifically, in Canada and Alberta we see tremendous opportunity for renewables growth, including through partnerships with renowned local investors similar to the one we are announcing today.”

Post transaction, EGPNA, which will retain 51% ownership, will manage, operate and undertake asset maintenance activities at the two wind farms.

AIMCo Infrastructure & Timber senior vice president Ben Hawkins said: “Once constructed these facilities will deliver renewable power to the Alberta electrical grid for many years, helping to meet the long-term energy needs of Albertans.

“We are pleased to be partnered in these facilities with a global leader in the industry, and confident in their development and operating capabilities for renewable facilities.”

The transaction price to be paid by AIMCo at the time of closing of the deal will be determined at commercial operations of the wind farms, said Enel.

Both the wind farms, which will break ground next year, are backed by 20-year renewable energy support agreements with Alberta Electric System Operator (AESO).

The wind farms after entering into operations are anticipated to produce about 555GWh per year.