Nation Rise sale of 50.01% interest to Chi-Nódin
On July 15, 2021, EDP Renewables Canada announced the sale of a 50.01% ownership stake in the fully operational and producing wind farm to an Indigenous partnership owned by the Algonquins of Pikwakanagan First Nation, which already has interests in several renewable energy projects in their territory.
Further information on the sale can be found on the Algonquins of Pikwakanagan’s website.
Algonquins of Pikwakanagan First Nation is a proud and progressive Algonquin community situated on the shores of Golden Lake and the Bonnechere River in Renfrew County along Highway 60, 90 minutes west of Ottawa and 90 minutes east of Algonquin Park.
In addition to establishing its capacity to foster strong business partnerships in a variety of business sectors, the Algonquins of Pikwakanagan First Nation has been actively investing in renewable clean technology, taking into consideration the environment and current trends to move away from fossil fuels.
EDP Renewables is a global leader in the renewable energy sector and the world's fourth-largest renewable energy producer. With a sound development pipeline, first class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 17 international.
Torys acted as counsel on the sale with a team led by Valerie Helbronner and which included Stephanie Stimpson, Amy Maginley (sale/leaseback), Scott Kraag and Erin Shin (financing), Andy Gibbons and Tristan McLeod (real estate), Andrew Silverman and Benjamin Mann (tax).
A Torys team also advised on the project’s development and construction. The team was again led by Valerie Helbronner and included John Terry, Grant Worden, Arlen Sternberg, Stefan Case and Jon Silver (administrative and dispute resolution), Dennis Mahony and Tyson Dyck (environmental).
Torys also acted on the following in connection with this project:
EDP Renewables Canada in the development and construction of the 100 MW Nation Rise Wind Farm located in eastern Ontario, including the renewable energy approval (REA) application, related permitting and approval processes, its power purchase agreement under the 2015 Large Renewable Procurement I program facilitated by the Independent Electricity System Operator, as well as land and municipal road approvals
- EDP Renewables in an appeal of its Renewable Energy Approval (REA) for the 100 MW Nation Rise Wind Farm in the Township of North Stormont, Ontario, including its successful application for judicial review before the Ontario Divisional Court of a decision by the Minister of the Environment, Conservation and Parks on procedural grounds
| Jurisdiction | Municipality of North Stormont |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | M&A |
| Client | Nation Rise Wind Farm and EDP Renewables Canada |
| Client Role | Seller |
| Key Features | Indigenous involvement |