CALGARY – Cenovus Energy Inc. has entered into an agreement to buy solar power and the associated emissions offsets from a partnership between Cold Lake First Nations (CLFN) and Elemental Energy Inc.
The company says this will help it address climate and greenhouse gas emissions as well as further supporting Indigenous reconciliation through economic engagement.
The Alberta project will add 150 megawatts of renewable energy to the province’s electricity grid once completed and is expected to begin producing electricity in 2023.
Cenovus has signed a 15-year deal for the full output of the facility.
“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 and CEO, in a release.
CLFN has been a long-time supplier of services at Cenovus’s projects.
“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.”