Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is acquiring an 80% stake in a C$750m (€516m) wind farm project in Canada from EDP Renewables.
CC&L Infrastructure has agreed to acquire the majority stake in the Sharp Hills wind farm project from EDP Renewables Canada (EDPR Canada) for an estimated enterprise value of around C$600m.
EDPR will retain a minority equity interest in Sharp Hills and continue to operate and manage the project.
Located in southeastern Alberta, the 300MW Sharp Hills wind farm recently entered into operations, with remaining construction expected to be completed by the second quarter of the year. Sharp Hills is contracted through a 15-year power purchase agreement.
It is CC&L Infrastructure’s second transaction with developer EDPR, having previously acquired a 560MW portfolio of wind and solar assets in the US.
Matt O’Brien, president of CC&L Infrastructure, said: “The Sharp Hills wind farm is an attractive addition to our increasingly diverse portfolio of infrastructure assets. We look forward to working further with our partner, EDPR, in the safe and successful operation of this facility for years to come.
“We are excited to continue expanding our asset base and are actively pursuing further investment opportunities created by the increasing demand for renewable power and the broader energy transition that is underway.”
Sandhya Ganapathy, CEO of EDP Renewables North America, said: “We’re excited to partner again with CC&L Infrastructure, this time in Alberta. The Sharp Hills project underscores our continuing commitment to invest in Alberta and contribute to its grid resiliency and energy security.
“With the latest investment, CC&L Infrastructure will own more than 600MW of wind generation assets and the firm’s total portfolio of renewable energy projects will exceed 1.8GW of clean energy capacity across Canada, the US, and Chile.
An earlier version of this story misstated the estimated enterprise value of CC&L Infrastructure’s majority stake in the Sharp Hills wind farm project
To read the latest IPE Real Assets magazine click here.
