TC Energy: EDP Renewables and TC Energy Execute Long-Term Agreement to Add a 297-Megawatt Wind Farm to Alberta

EDP Renewables SA (EDPR), through its fully owned subsidiary EDP Renewables Canada Ltd. (EDPR Canada), and TC Energy Corporation (TSX, NYSX:TRP) (TC Energy or the Company) have executed a 15-year power purchase agreement (PPA) for 100 percent of the output of the 297-megawatt (MW) Sharp Hills Wind Farm, located in the Special Areas municipality near the hamlets of Sedalia and New Bridgen, in the province of Alberta. The PPA will enable the continued development and eventual construction and operations of the wind farm, subject to customary regulatory approvals and conditions.

The 297-MW Sharp Hills Wind Farm is anticipated to be operational in 2023 and will deliver economic benefits to the local project communities and the province of Alberta in the form of payments to local landowners and property tax revenue to the Special Area Board. Sharp Hills will also contribute to the increase in money spent at businesses in the vicinity of the wind farm. The project will create jobs with approximately 300 employment opportunities during the wind farm’s construction and 15-20 permanent, local jobs during the project’s operational life. The Sharp Hills Wind Farm will also generate enough electricity to annually power the equivalent of more than 164,000 average Alberta homes and will save approximately two billion litres of water per year.

“I want to commend TC Energy and EDP Renewables for their commitment to diversifying Alberta’s energy mix. Our province continues to experience significant investment growth in market-based renewable energy as a result of our commitment to an openly competitive electricity market. As a result, Albertans can count on new investments to power our economy while lowering emissions for decades to come,” said Dale Nally, Associate Minister of Natural Gas and Electricity.

In addition to all the power produced by the Sharp Hills Wind Farm, TC Energy will receive rights to all environmental attributes. The Company is committed to finding solutions for the sustainable energy future and, the investment in the Sharp Hills Wind Farm contributes to its goal of shaping and contributing meaningful advancement toward the energy industry at-large.

“This agreement, which is Alberta’s largest power purchase agreement for wind, is an important step as TC Energy continues to build its renewable energy portfolio,” said Corey Hessen, TC Energy’s Senior Vice President and President, Power and Storage. “This wind project, added to recent agreements in East Strathmore and Claresholm, gives us the capability to offer a variety of renewable energy solutions to Alberta customers. TC Energy is focused on our own decarbonization efforts as well as being the provider of choice for carbon-free energy to the North America industrial, oil, and natural gas sectors.”

The Sharp Hills Wind Farm is EDP Renewables’ third wind farm in Canada, joining its 30-MW South Branch Wind Farm and 100-MW Nation Rise Wind Farm, both of which are operational and located in Ontario.

“Sharp Hills has been thoughtfully developed for a number of years, and I am pleased that with the execution of this contract, we will soon commence construction of the project and supply cost-effective, reliable energy to Albertans for decades to come,” said Miguel Prado, EDP Renewables North America CEO. “We appreciate our relationship with TC Energy and commend the company on its mission to increase investment in zero carbon emission renewable energy projects.”