The portfolio includes four operating wind projects with an average installed capacity exceeding 360MW and a solar facility
Connor Clark & Lunn (CC&L) Infrastructure has agreed to acquire a US renewable power portfolio from EDP Renováveis (EDPR), with capacity totaling more than 560MW.
Under the terms of the deal, CC&L Infrastructure, along with its partners Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance, will acquire a majority equity interest in five renewable energy assets.
Holding a minority equity interest in the assets, EDPR will continue operating and managing the portfolio. The transaction will increase CC&L) Infrastructure’s clean energy portfolio capacity to more than 1GW.
The transaction is expected to be completed before the end of 2020, subject to regulatory approval.
CC&L Infrastructure president Matt O’Brien said: “This investment leverages our extensive experience as a leading owner and operator of renewable power assets in Canada and achieves an exciting milestone for our business by extending the capacity of our renewable power portfolio past a gigawatt globally.
“We are very pleased to acquire these assets alongside our investment partner, Desjardins Group, and we look forward to working alongside EDPR, a leading global renewable energy company focused on value creation, innovation, and sustainability, in the ongoing operation of the facilities.”
The transaction provides CC&L with geographically diversified portfolio of assets
The portfolio includes four operating wind projects with an average installed capacity exceeding 360MW, and the assets are located in Indiana, Wisconsin, Oklahoma, and Ohio.
The company said that the portfolio is backed by power purchase agreements in place with high-quality offtakers, and the weighted average remaining life of the agreements is more than 17 years.
The offtakers include a group of local electric generation and transmission cooperatives with extensive operating and financial histories and stable customer bases.
The transaction also includes under-construction solar project in Indiana. Expected to be operational by the end of 2021, the solar facility will have a capacity of 200MW.
Once the deal is closed, the capacity under the CC&L Infrastructure’s ownership becomes nearly 1,400MW of renewable power across the world, with more than 1,000MW under operation.
The combined capacity of the firm’s operating facilities of the firm will be around 4 million MW/hours of clean energy annually, which is adequate to power more than 320,000 homes.