Cenovus Energy says it’s reached an agreement with a partnership that includes the Cold Lake First Nations to purchase solar-produced energy.
The oil and gas giant says the project will add 150 megawatts of renewable energy to the provincial grid when it’s ready in 2023. The power plant will be built in the Cold Lake First Nations and is a partnership between themselves and Elemental Energy, which is based in Vancouver.
“Through this agreement we’re reinforcing our commitment to using multiple levers and innovative approaches to help us in our long-term ambition of achieving net zero emissions by 2050,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “This is also an excellent opportunity to further build on our long-standing relationship with Cold Lake First Nations in its partnership with Elemental.”
The deal has been signed for 15 years, says Cenovus.
“Cold Lake First Nations is excited to partner with Elemental Energy and Cenovus on this important project. 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,” said Cold Lake First Nations Chief Roger Marten. “The project exemplifies the relationships we’ve built with our partners and creates an innovative path for economic reconciliation.”