- Cenovus Energy (CVE) has signed a power purchase agreement for solar-power energy and its associated emissions offsets
- The power will be generated at a facility in a joint effort by Cold Lake First Nations and Elemental Energy
- The project will add 150 megawatts of renewable energy to Alberta’s electrical grid once it is completed
- Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets
- Cenovus Energy Inc. (CVE) is currently down 0.15 per cent, trading at $10.155 per share
Cenovus Energy (CVE) has signed an agreement with Cold Lake First Nations to purchase solar-power electricity and associated emissions offsets.
Cold Lake First Nations is partnering with Elemental Energy, a Vancouver-based developer, investor, and operator of renewable energy products, to operate a solar-powered project.
The project will add 150 megawatts of renewable energy to Alberta’s electrical grid once it is completed in 2023.
Cenovus has signed a 15-year power purchase agreement for the full output of the facility. The agreement will advance two of the company’s environmental, social and governance objectives: to address greenhouse gas emissions and to support Indigenous reconciliation.
Alex Pourbaix, Cenovus president and CEO, commented on the agreement.
“This is also an excellent opportunity to further build on our long-standing relationship with Cold Lake First Nations in its partnership with Elemental,” he said.
Cold Lake First Nations, whose reserve lands are located around Cold Lake and Primrose Lake near some of Cenovus’s oil sands projects in northern Alberta, has been a long-time service supplier at Cenovus projects.
Cold Lake First Nations Chief Roger Marten remarked,
“As stewards of the land, our Nation fully supports sustainable renewable energy development respecting environmental, economic, cultural and social contexts, while realizing long-term economic benefits through an ownership stake in the project.”
Elemental Energy operates two existing facilities in Alberta.
“This project represents a milestone for Elemental by building on our track record of Indigenous partnerships and working with corporations to build large scale projects that advance Canada’s renewable energy economy,” said Jamie Houssian, Principal at Elemental Energy.
Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets.
Cenovus Energy Inc. (CVE) is currently down 0.15 per cent, trading at $10.155 per share as of 3:39 pm ET.