Connor, Clark & Lunn to boost renewable energy with Alberta wind farm investment

TL/DR -

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has agreed to acquire an 80% stake in the Sharp Hills wind farm from EDP Renewables Canada for about C$0.6 billion ($474 million), boosting its wind generation assets to more than 600 MW. The Sharp Hills facility, one of Canada's largest onshore wind farms with around 300 MW of capacity, recently began operations, with construction completion expected by Q2 2024. The acquisition marks CC&L Infrastructure's second transaction with EDP Renewables, following a previous purchase of a 560 MW wind and solar portfolio in the US.

Connor, Clark & Lunn Infrastructure Acquires Majority Stake in Sharp Hills Wind Farm

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has entered into an agreement to acquire a majority stake in the Sharp Hills wind farm from EDP Renewables Canada Ltd. (EDPR Canada). The estimated enterprise value of the deal is C$0.6 billion for an 80% stake, inclusive of investment tax credits.

The new acquisition will bolster CC&L Infrastructure's ownership of over 600 megawatts (MW) of wind generation assets. The firm's total portfolio of renewable energy projects will exceed 1.8 gigawatts (GW) of clean energy capacity across Canada, the United States, and Chile.

The Sharp Hills wind farm, based in southeastern Alberta, is one of Canada's largest onshore wind farms. Its capacity of approximately 300 MW represents clean energy generation equivalent to the power used by over 160,000 Alberta homes. Sharp Hills recently went operational, with remaining construction expected to be completed by Q2 2024.

Matt O'Brien, President of CC&L Infrastructure, sees the addition of Sharp Hills wind farm as a valuable augmentation to their diverse portfolio of infrastructure assets. CC&L Infrastructure is actively pursuing further investment opportunities created by the increasing demand for renewable power and the broader energy transition that is underway.

This is CC&L Infrastructure's second transaction with EDPR, following a previous acquisition of a 560 MW portfolio of wind and solar assets in the United States. EDPR will retain a minority equity interest in Sharp Hills and continue to manage the Project. This deal is subject to customary closing conditions expected to be satisfied in the coming weeks.

CC&L Infrastructure specializes in middle-market infrastructure investments in assets with attractive risk-return characteristics, long lives, and the potential to generate stable cash flows. The firm has accumulated over $5 billion in assets under management diversified across a variety of geographies, sectors, and asset types. More information can be found on the company's official website and LinkedIn page.

EDP Renewables (Euronext: EDPR) is a global leader in renewable energy development. The company has a significant presence in Europe, North America, South America, and Asia Pacific. For more information, you can visit EDPR's North America website and LinkedIn page.

The full press release can be found here: Original Press Release.

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