The firm’s renewable energy portfolio now represents 2.4 GW of gross capacity
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has recently announced its acquisition of a 49% interest in portfolio of three operating wind projects that are based in Ontario.
In its press release, CC&L Infrastructure stated that the wind projects, which were Adelaide Wind, Bornish Wind, and Goshen Wind totalled to around 235 megawatts of gross capacity from NextEra Energy Resources, LLC (NextEra Energy). These three wind projects generated energy which is equivalent to the annual consumption of more than 200,000 households in Ontario.
Speaking on the acquisition, CC&L Infrastructure President Matt O’Brien noted how it would be beneficial to the firm as its renewable energy portfolio now represented around 2.4 gigawatts of gross capacity.
"These projects strengthen our presence in the Ontario renewable market and demonstrate our commitment to responsible investment in projects that deliver attractive risk-adjusted returns,” said O’Brien.
Eric Reidel, managing director of CC&L Infrastructure, said that the transaction was a reflection of the strong fundamentals that can be seen within the renewables market in Canada.
The energy generated by the wind projects is sold under 20-year Power Purchase Agreements (PPAs) to the Independent Electricity System Operator (IESO).
Following the transaction, NextEra Energy will continue to own 51% of the wind projects and will also resume management and operation of the assets.
CIBC Capital Markets was CC&L Infrastructure’s financial advisor while Torys LLP was its legal counsel for the transaction.
CC&L Infrastructure’s renewable energy portfolio includes more than 1.2 gigawatts of wind capacity across 10 distinct assets. In January, the firm had acquired two wind projects in southern Ontario, which were Armow Wind and Grand Renewable Wind from Pattern Energy Group LP. In the same month, CC&L Infrastructure had also acquired a majority interest in the Northside student housing project in the University of Texas at Dallas (UTD).
