A group of more than 200 Quebec municipalities obtains $350 million in funding for the construction and operation of wind farms.
The Eastern Energy Alliance represents communities and territories in southeastern Quebec, from Montmagny to the Magdalen Islands.
The financing obtained from Desjardins Group will enable members of this alliance to qualify for Hydro-Québec calls for tenders with renewable energy projects.
Four wind farm projects proposed by the Alliance and its partners have already been selected as part of Hydro-Québec’s most recent calls for tenders, in March, for a total of 922 MW.
The 350 million credit facility will be used in particular to finance the alliance’s capital contribution to the projects. “We are talking about projects totaling between 2.5 and 3 billion in construction costs,” says Jean-François Thériault, general manager of the Eastern Energy Alliance.
“It’s a financing structure that required creativity,” says Jean-François Thériault of a product sculpted in the form of a private sector banking facility applying to municipal entities.
Desjardins Group President and CEO Guy Cormier believes the funded projects will have “significant” economic benefits.
“They will stimulate short-term economic activity (construction, restaurants, accommodation, etc.) and business projects in Indigenous communities. In the medium and long term, we are releasing additional capacity that will meet the megawatt needs of businesses. »
The presentation of the financing solution developed for these wind projects comes as the big boss of the Lévis cooperative takes part in a conference on Wednesday as part of the Sustainable Finance Summit in downtown Montreal.
The big boss of Desjardins Group will discuss with former Bank of Canada Governor Mark Carney the importance of the role of financial institutions in building a sustainable future.
Mark Carney is the United Nations Special Envoy for Climate Action and Finance. He leads the Glasgow Financial Alliance for Net Zero.
Like other major financial institutions, Desjardins Group is a member of this alliance, which guides the transition to a greener economy by encouraging, in particular, increased investment in clean energy.
Desjardins aims to become carbon neutral with its financing and investment activities in three sectors (transportation, energy and real estate) by 2040.
Financing wind farm projects contributes to bringing additional renewable energy to the market. “This energy will be part of the activities of several companies that we finance and it will reduce their carbon footprint,” says Guy Cormier.
“It’s a question of transition and it takes alternatives to achieve a transition,” adds Mathieu Talbot.