Key Takeaways
- Atlantica Sustainable Infrastructure has acquired a Canadian renewable energy platform with 236 MW operational and an additional 0.81 GW in development.
- The acquisition includes a 51% stake in l’Érable, a 100 MW wind facility in Quebec, and a 136 MW wind asset in Alberta.
- Completion of the transaction is pending regulatory approvals and is anticipated by the end of 2025.
Acquisition Announcement
Atlantica Sustainable Infrastructure announced its acquisition of a Canadian renewable energy platform that includes 236 MW of operational capacity and a 0.81 GW pipeline of renewable energy and storage projects. This strategic move strengthens Atlantica’s footprint in Canada, enhancing its growth opportunities in North America.
The operational assets feature a 51% stake in l’Érable, a 100 MW wind farm located in Quebec, which has been generating power since 2013 under a Power Purchase Agreement (PPA) with an investment-grade utility. Additionally, the acquisition encompasses a 136 MW wind asset in Alberta that became operational in December 2024 and has a PPA with an investment-grade corporate offtaker. The average remaining contract life for these PPAs is approximately 15 years.
The transaction, which ensures a robust portfolio of renewable energy assets, is subject to several conditions, including approval under the Competition Act and customary regulatory requirements. Atlantica expects to finalize the acquisition before the end of 2025.
Furthermore, the platform expands Atlantica’s developmental pipeline, presenting an array of solar, wind, and energy storage initiatives across various provinces. The integration of an experienced local team will enhance Atlantica’s existing operations in Canada, supporting the company’s strategic decisions focused on future growth in the region.
Santiago Seage, CEO of Atlantica, expressed enthusiasm regarding this acquisition, citing it as a significant strategic milestone that substantially elevates the company’s presence in a key market with promising growth prospects. The inclusion of high-quality operational wind assets and a development pipeline aligns perfectly with Atlantica’s long-term vision.
Lazard served as financial advisor for the acquisition, underscoring the financial robustness of the deal. This acquisition reflects Atlantica’s commitment to sustainable infrastructure, as it operates a diverse portfolio of contracted renewable energy, storage, natural gas, electric transmission, and water assets across North America, Europe, and South America.
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