Bekevar wind farm reaches financial close

This key milestone will enable the pioneering Canadian project to move into construction phase. RES, the world’s largest independent renewable energy compa-ny, and its First Nation partner have been developing the Bekevar wind project together since 2017.

Bekevar will supply 200 MW of zero-emission power to the local grid, providing more than 100 000 homes with clean, sustainable electricity. Saskatchewan’s largest wind power project will help drive the region’s energy transition, moving from coal to renewables. The wind farm is expected to reduce carbon emissions by approximately 130 000 tpy.

Bekevar is situated in the rural municipality of Hazlewood, the rural municipality of Kingsley and on Cowessess First Nation reserve land. Following the multi-party transaction to secure equity and debt financing, the wind project will begin construction in May 2023, and is expected to reach commercial operation by the end of 2024.

Following the transaction, Innagreen will own 83% of Bekevar and ANEDLP will own 17%. RES will provide construction services, in conjunction with local sub-contractors, and operate and manage the asset.

The CIB is loaning CAN$173 million towards the clean energy project, which will integrate more renewable power into the province’s electricity grid. The CIB's long-term capital can ensure critical, large scale clean energy infrastructure projects are built. NORD/LB is also providing CAN$98 million in debt financing to the project. ANEDLP will ensure qualified Indigenous contractors and workers benefit from the available construction jobs. The partnership also creates equity investment and train-ing opportunities for Cowessess First Nation members during the development and future operations phases. ANEDLP’s investment in Bekevar Wind marks the Cowessess First Nation’s largest renewable energy project to date and puts them among the leaders in Canada to have a rounded portfolio consisting of both utility scale wind and solar. The project will generate a meaningful annual return to Cowessess First Nation, which will support continued investment in economic opportunities as well as assist underfunded programs in the community. A series of community engagement events and career fairs will be held in Kipling and Cowessess in the coming months, which will be advertised locally.

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