CC&L Infrastructure to Procure EDPR’s 560 MW Renewable Power Assets in US

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has signed an agreement with EDP Renováveis, S.A. (EDPR) to acquire its 5 renewable power assets located across the United States, thus increasing the firm’s clean energy portfolio capacity to more than 1 GW.

CC&L Infrastructure is an arm of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage more than CAD$ 77 billion in assets.

Commenting on the deal, Matt O'Brien, President of CC&L Infrastructure, said that “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.”

He further said “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.”

Moreover, the company together with its partner Desjardins Group will acquire a majority of equity interest in a portfolio of 5 renewable power assets of over 560 MW of total capacity.

Whereas, EDPR will retain a minority equity interest and continue to operate and manage the portfolio. The transaction is subject to regulatory approval and expected to be completed before year end. 

Through this Transaction, the company will acquire a geographically diversified portfolio of wind and solar assets, backed by long-term off-take contracts and located across 3 distinct US electricity markets.

Also, the portfolio includes 4 operating wind projects with an aggregate installed capacity of over 360 MW located in Indiana, Wisconsin, Oklahoma, and Ohio, and one construction-stage solar project located in Indiana. This solar facility is designed to deliver an installed capacity of approx 200 MW and is expected to be operational by the end of 2021.

Post transaction completion, the firm will own approx 1,400 MW of renewable power globally, with over 1,000 MW in operation.