Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has entered into a power
purchase agreement (PPA) to buy solar-power produced electricity
and the associated emissions offsets from a partnership between
Cold Lake First Nations (CLFN) and Elemental Energy Inc., helping
Cenovus advance two of its environmental, social & governance
(ESG) focus areas by addressing climate & greenhouse gas (GHG)
emissions as well as further supporting Indigenous reconciliation
through economic engagement.
The southern 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 PPA for the full output of the facility, providing the
offtake contract necessary for the construction of the project and
ultimately helping Cenovus mitigate its scope 2 emissions. Scope 2
emissions are those represented by purchased or acquired
electricity, steam, heat and/or cooling. In Cenovus’s case, these
emissions primarily result from
purchased electricity.
“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.”
CLFN, part of the Denesųłiné Nation with 3,000 members and
reserve lands around Cold Lake and Primrose Lake near some of
Cenovus’s oil sands projects in northern Alberta, has been a
long-time supplier of services at Cenovus’s projects.
Vancouver-based Elemental Energy is a privately held developer,
investor and operator of renewable energy projects, including two
existing solar facilities in Alberta.
“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.”
“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,
Elemental Energy. “We are excited to demonstrate the power of
collaboration with Cenovus, Cold Lake First Nations, and Elemental
coming together to create a project that unites both purpose and
profit.”
In addition to climate & GHG emissions and Indigenous
reconciliation, Cenovus has also identified water stewardship,
biodiversity and inclusion & diversity as its other significant
ESG focus areas. The company anticipates it will release its
comprehensive 2020 ESG report in the fourth quarter of 2021, which
will include new ESG targets for each focus area, as well as pro
forma metrics for the combined company to reflect Cenovus’s
acquisition of Husky Energy on January 1, 2021.
AdvisoryForward-looking
InformationThis news release contains certain
forward-looking statements and forward-looking information
(collectively referred to as “forward-looking information”) within
the meaning of applicable securities legislation, including the
United States Private Securities Litigation Reform Act of 1995,
about current expectations, estimates and projections about the
future, based on certain assumptions made by the parties in light
of our experience and perception of historical trends. Although the
parties believe that the expectations represented by such
forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. Readers
are cautioned not to place undue reliance on forward-looking
information as actual results may differ materially from those
expressed or implied.
Forward-looking information in this document is identified by
words such as “advance”, “ambition”, “anticipates”, “commitment”,
“expected”, “focus”, “help”, “opportunity”, “planned”, “targets”,
“will” or similar words or expressions and includes suggestions of
future outcomes, including, but not limited to, statements about:
the project’s anticipated timing and volume of generated
electricity; the anticipated impact of the PPA on Cenovus’s scope 2
emissions and Cenovus’s ability to achieve its ambition of net zero
GHG emissions by 2050; and Cenovus releasing a comprehensive 2020
ESG report in later 2021, which will include new ESG targets and
pro forma metrics for the combined company.
Developing forward-looking information involves reliance on a
number of assumptions and consideration of certain risks and
uncertainties, some of which are specific to the parties
individually and others that apply to their respective industries
generally. Additional information about risks, assumptions,
uncertainties and other factors that could influence Cenovus’s
actual results is provided in Cenovus’s Management's Discussion and
Analysis (MD&A) for the period ended December 31, 2020 and its
MD&A for the period ended March 31, 2021, as well as in other
documents Cenovus files from time to time with securities
regulatory authorities in Canada (available on SEDAR at sedar.com,
on EDGAR at sec.gov and Cenovus’s website at cenovus.com).
The parties undertake no obligation to update or revise any
forward-looking information except as required by law.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and
natural gas production operations in Canada and the Asia Pacific
region, and upgrading, refining and marketing operations in Canada
and the United States. The company is focused on managing its
assets in a safe, innovative and cost-efficient manner, integrating
environmental, social and governance considerations into its
business plans. Cenovus common shares and warrants are listed on
the Toronto and New York stock exchanges, and the company’s
preferred shares are listed on the Toronto Stock Exchange. For more
information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
Cenovus contacts:
Investors |
Media |
Investor Relations general line403-766-7711 |
Media Relations general line403-766-7751 |
Cold Lake First Nations
The Dene Su’line (Cold Lake First Nations) lived as a sovereign
Nation in their traditional homelands surrounding Cold Lake and
Primrose Lake as the ancestors had for time immemorial. The Nation
had its own culture, economy, government and laws and exercised the
inherent rights of the Dene Su’line from the original sovereignty
they possessed and exercised subject to responsibilities placed on
them by the Creator to care for the land and share it with all
other living things. Since the creation of the Air Weapons
Range in 1952, much of the Traditional Homelands had been lost and
the people left in disruption. Currently the Nation has
approximately 3,000 members, with over 1,300 members residing
on-reserve. The Nation strives to protect its people, environment,
culture, language and way of life through the continuance of
education and awareness. Equally, CLFN maintains an economic focus
for a “livelihood for a livelihood” to provide and sustain an
excellent quality of life for its members, for generations to come
through environmental stewardship, social inclusion, and value
creation.
Cold Lake contact:
MediaCharles Muskego |
780-594-7183 |
Elemental Energy Inc.Elemental Energy develops,
owns and operates industry-leading wind, solar and hydro projects
across North America that put clean power on the grid with purpose,
for profit. We are building a world powered by renewable energy,
now – generating long term financial returns, environmental
benefits for the planet, and positive social impacts for the
communities in which we work. Please visit
www.elementalenergy.ca.
Elemental Energy contact:
MediaJamie Houssian |
604-838-9581 |
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