Pattern Energy to manage 330 MW projects as CC&L Infrastructure increases renewable capacity
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has acquired a significant interest in two wind projects in southern Ontario, Armow Wind and Grand Renewable Wind, from Pattern Energy Group LP (Pattern Energy).
The projects represent approximately 330 megawatts (MW) of gross capacity. With this acquisition, CC&L Infrastructure expands its renewable energy portfolio to over 2 gigawatts (GW) of gross capacity across wind, solar, and hydro technologies.
Pattern Energy will retain a minority equity stake and continue to manage and operate the assets.
The Armow Wind and Grand Renewable Wind projects, with gross capacities of 180 MW and 149 MW respectively, generate energy equivalent to the annual consumption of nearly 290,000 Ontarians.
Both projects sell energy under 20-year Power Purchase Agreements (PPAs) with the Independent Electricity System Operator (IESO), rated Aa3 by Moody’s.
Operating for approximately a decade, the projects have consistently performed in line with power generation forecasts.
Matt O'Brien, president of CC&L Infrastructure, highlighted the significance of the investment in Armow Wind and Grand Renewable Wind, noting that it will expand their renewable energy portfolio to over 2 GWs.
He added, “We are excited to partner with Pattern Energy and look forward to leveraging our collective decades of experience safely and successfully operating renewable energy projects.”
The wind projects contribute significantly to their local communities, generating millions of dollars in property taxes and ancillary revenues.
Over the first 20 years of operations, they have committed to contributing over $25m to community benefit funds. These funds have supported initiatives such as recreational facilities, public infrastructure, and local improvements.
Hunter Armistead, CEO of Pattern Energy, emphasized the advantages of partnering with CC&L Infrastructure, describing it as an opportunity to grow their impact and expand their portfolio in Canada.
He stated, “Pattern has become Canada’s largest operator of wind power with projects generating enough clean energy to power nearly 1.5 million Canadians.”
Armistead also highlighted that the company has created thousands of jobs and distributed millions in financial benefits to communities over the past 15 years.
The projects are co-owned by CC&L Infrastructure, Pattern Energy, Samsung Renewable Energy (Samsung), and Six Nations of the Grand River (for Grand Renewable Wind).
CC&L Infrastructure and Samsung have previously collaborated on approximately 300 MW of solar projects across four Ontario sites.
The transaction involved CIBC Capital Markets as CC&L Infrastructure’s financial advisor. Pattern Energy was advised by BMO Capital Markets as its exclusive financial advisor.
