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200MW Bekevar Wind Farm reaches financial close

by RES | Mar 10, 2023 | Reading time: 6 min

  • Renewable energy investment platform, Innagreen, and Cowessess First Nation-owned entity, Awasis Nehiyawewini Energy Development Limited Partnership (‘ANEDLP’), buy Bekevar Wind Farm from RES
  • Bekevar will help drive Saskatchewan’s transition from coal to renewables
  • The Canada Infrastructure Bank (CIB) is investing $173 million towards the clean energy project
  • NORD/LB is also providing financing for the transaction, enabling the project to move forward to construction phase

Kipling, SK – Innagreen, the global renewable energy investment platform, and Cowessess First Nation- owned entity Awasis Nehiyawewini Energy Development Limited Partnership (‘ANEDLP’), today announce their joint acquisition of the 200MW Bekevar wind energy project from RES. Financing from the Canada Infrastructure Bank and NORD/LB will ensure the project moves forward to construction.

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

Bekevar will supply 200MW 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 tonnes a year.

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 per cent of Bekevar and ANEDLP will own 17 per cent. RES will provide construction services, in conjunction with local sub-contractors, and operate and manage the asset.

The Canada Infrastructure Bank (CIB) is loaning $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 $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 training 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.

Chief Cadmus Delorme of Cowessess First Nation said: “Cowessess First Nation has been involved in utility scale wind development since 2010. Here we are, 13 years later, having closed financing on our first project with RES and Innagreen. This project will benefit Cowessess First Nation in the business sector and our province in SaskPower’s goal to minimize carbon emissions. Once operational, Bekevar Wind will provide 25+ years of economic prosperity for our community. Achieving financial close is one milestone in the development journey and the team will now turn its attention to further community engagement and construction.”

Innagreen, which provides institutional investors with access to investments in utility-scale renewable energy projects, is backed by global infrastructure asset manager, Morrison & Co.

CEO of Innagreen, Olly Alexander, said: “This project has been a real example of partnership working across the board. We have been working with RES and Cowessess First Nation to bring the project to commercialisation, while the innovative financing package with the CIB and Nord LB has allowed the construction of Bekevar despite tough market conditions, notably around supply chain.

“Bekevar comes after the recent acquisition of the Hilda Wind Project in Alberta, and we are also focused on additional acquisition opportunities across Canada this year. We are grateful to be working with such excellent partners, RES and ANEDLP, which will ensure Cowessess First Nation members benefit directly from this project through the project income and other employment opportunities.”

CEO of Canada Infrastructure Bank, Ehren Cory, said: “Clean power investments are essential to meeting our climate change goals and ensuring sustainable economic development across the country. Our $173 million investment will help the province curb its reliance on coal-fired generation and significantly reduce greenhouse gas emissions. The partnership with a leading owner and operator of renewable energy, and Cowessess First Nation will advance Saskatchewan’s largest wind power facility, and enable Indigenous participation and long-term economic opportunities.”

Global Head of Structured Finance, NORD/LB, Heiko Ludwig, said: “NORD/LB are proud to have supported our client Innagreen and the Cowessess First Nation with the successful financing of a major Canadian wind energy project with an innovative financing structure. This project is another testament to our commitment to work with our clients globally to finance sustainable energy initiatives, contributing to a greener future. We are also extremely pleased to see the direct benefit the project brings to the local community through the Cowessess First Nation ownership.

Minister of Intergovernmental Affairs, Infrastructure and Communities, the Honourable Dominic LeBlanc, said: “With this financial support from the Canada Infrastructure Bank, Cowessess First Nation is seizing the economic opportunity offered by the transition to renewable forms of energy. This forward-looking project will create sustainable jobs, cut pollution and benefit Saskatchewanians for decades to come.”

For more information please contact:


Del Bowen, FTI Consulting

+44 7977 143779 / [email protected]

Elizabeth Adams, FTI Consulting

+44 7976 920268 / [email protected] www.innagreen.com/news

Cowessess First Nation

Jessica Nixon

+1 306-731-7471 / [email protected]


Susan Mays

+1 303 439 4220 / [email protected]

About Innagreen

Established in 2021, Innagreen is a dedicated manager of the long-term ownership of renewable energy assets. Innagreen is focused on acquiring utility-scale renewable energy projects, and their associated infrastructure in Australia, Canada and the U.S. The Innagreen team is made up of industry specialists with a multi-decade track record of developing over 2.5GW of renewable energy capacity, as well as owning and operating over 1.5GW across multiple continents.

About Awasis Nehiyawewini Energy Development Limited Partnership (ANEDLP)

Cowessess First Nation is located along the beautiful Qu’Appelle Valley, 15 kilometers north of Broadview, Saskatchewan. Cowessess First Nation has 4200 citizens, 900 of which live on the home reserve in the Qu’Appelle Valley. Cowessess First Nation has a strong mandate to develop sustainable business ventures and assets, which align with our inherent beliefs as stewards of the land. The community currently operates five net metering solar installation on community owned buildings totally 340kW.  The community also owns a 1 MW hybrid facility which includes a 800 kw wind turbine, 500kw of solar and 400kw of lithium ion batteries. The Nation’s long-term goal is to create self-sustainability through economic ventures.

Cowessess First Nation wholly owns ANEDLP which was established in 2010 as the business vehicle to pursue utility scale renewable energy development in Saskatchewan. ANEDLP is a 95% owner of the 10 MW Awasis Solar facility located 3km southeast of Regina, Saskatchewan which entered commercial operations in November 2022. ANEDLP is now a 17% owner of the 204MW Bekevar Wind Farm and one of the most progressive Indigenous renewable energy developers in Canada. For more information visit www.cowessessfn.com and www.cowessessventures.com.

About RES

RES is the world’s largest independent renewable energy company. At the forefront of the industry 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. RES employs more than 2,500 people and is active in 14 countries working across onshore and offshore wind, solar, energy storage, green hydrogen, and transmission and distribution. Further details can be found at www.res-group.com.

About CIB

The CIB’s long-term capital can ensure critical, large-scale clean energy infrastructure projects are built and renewable generation is integrated into the province’s electricity grid. Through its clean power priority sector, the CIB has committed $5 billion towards clean power, renewables, district energy, storage, interties, and transmission. The CIB is investing in clean power projects across the country – from district energy expansion in B.C., wind power generation in Saskatchewan and developing Canada’s First Small Modular reactor in Ontario. All CIB investments are subject to approval by its board of directors.


NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.

About Morrison & Co

Morrison & Co is a global infrastructure investment management specialist, founded in 1988. We manage multiple client mandates, with total funds under management of £15.2bn (USD$18.2bn) at 31 December 2022. Morrison & Co is a pioneer in innovative infrastructure investing, supporting businesses that help enhance the lives of local communities. We are set apart by a management style that integrates deep industry specialisation with financial and transactional expertise. Our investment decisions are supported by research and high conviction in long-term trends that bridge business cycles, including global decarbonisation.

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