RES COMPLETES SALE OF ALBERTA PROJECT TO ACCIONA ENERGÍA

At full 400 MW capacity in 2025, Forty Mile wind farm would be Canada’s largest

MONTREAL (August 30, 2023) – RES, the world’s largest independent renewable energy company, has completed the asset sale of its Forty Mile Wind project in Alberta to ACCIONA Energía. RES will continue its work on the site in County of Forty Mile No. 8 as Balance of Plant construction contractor, with ACCIONA Energía planning to initiate operations in early 2025.

The largest RES-developed project in Canada, Forty Mile will be constructed in two phases: Phase 1 will feature 49 turbines for a total generating capacity of approximately 280MW, with the option for Phase 2 with 21 turbines with an additional capacity of 120MW. At its full 400MW capacity, Forty Mile would be Canada’s largest wind farm, generating enough energy to power nearly 230,000 Albertan homes. The project will employ approximately 250 people during peak construction later this year.

“RES has been at the forefront of energy transition for more than 40 years, developing, constructing and operating assets that continue to expand access to affordable zero-carbon energy. The Forty Mile wind project is a significant energy transition milestone for the county, the province and Canada,” said John Rohde, CEO, RES Americas. “We appreciate the strong support from the County of Forty Mile and the community throughout the development, and we’re now ready to move into construction alongside ACCIONA Energía.”

RES and ACCIONA Energía will work closely with stakeholders, including local governmental agencies and landowners to ensure a smooth transition and to maximize the positive impacts of the project on the community.

“This acquisition aligns with our long-term view of expanding ACCIONA Energía’s renewable portfolio and underscores our commitment to a greener, more sustainable future,” said Joaquin Castillo, CEO of ACCIONA North America. “The project not only strengthens our operational footprint but also reinforces our commitment to local communities. Through our Social Impact Management program, ACCIONA Energía will reinvest a portion of its annual revenue to support education, wellness and environmental stewardship programs in the local community.”

The main energy and environmental attribute supply offtake from Forty Mile will go to Cenovus Energy, a Canadian-based integrated energy company, via a Virtual Power Purchase Agreement (VPPA) as part of its efforts to offset a portion of its electricity-related emissions. The balance of supply from the project will contribute clean energy to Alberta’s merchant power and carbon offset markets.

Federal programs such as the Smart Renewables and Electrification Pathways (SREP) program and the Clean Technology Investment Tax Credit (ITC) and Alberta’s Technology Innovation and Emissions Reduction (TIER) regulation play a significant role in driving the development of and investments in renewable energy projects such as Forty Mile.

“These federal and provincial programs help drive the development of renewable energy sources by encouraging private-sector investment, driving job creation and stimulating local economies in Canada,” said Rohde.

Forty Mile is the seventh project RES has developed in Alberta and its 23^rd in Canada. It builds on the success of the adjacent 125MW Rattlesnake Ridge wind project, also developed by RES. Over the past 20 years, RES has been involved in the development of 3.2GW of wind and solar projects and overseen the construction of nearly 1.8GW of wind, solar, transmission and storage projects in Canada. The company continues to develop utility-scale wind, solar and battery storage projects across the country.

ENDS

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RES is the world’s largest independent renewable energy company and is active in onshore and offshore wind, solar, energy storage, green hydrogen, transmission and distribution. As an industry innovator for over 40 years, RES has delivered more than 23GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 12GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured over 1.5GW of corporate power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs over 2,500 passionate people and is active in 14 countries. www.res-group.com 

ACCIONA Energía is the largest 100% renewable energy company with no fossil legacy in the world. It has 11,942GW of renewable energy and commercial operations in 20 countries. With 30 years of experience, ACCIONA Energía offers a complete portfolio of tailor-made energy solutions for its corporate and institutional clients to meet their decarbonization goals. ACCIONA Energía is committed to the highest environmental, social and corporate governance (ESG) standards. ACCIONA S.A., a leading global company in the provision of regenerative solutions for a decarbonized economy, is the reference shareholder of ACCIONA Energía. www.acciona-Energía.com