“Closing this transaction marks a significant milestone for Pattern Energy as we continue to scale our platform to meet North America’s growing energy needs,” said Hunter Armistead, Chief Executive Officer of Pattern Energy.
“Cordelio brings a highly complementary portfolio of quality assets and a talented team. Together, we are even better positioned to Power the Future.”
Through the acquisition, Pattern Energy acquired a 1,550-megawatt operating and in-construction portfolio from Cordelio comprised of 16 wind, solar and storage projects in Canada and the United States. Pattern also acquired the majority of Cordelio’s wind and storage development projects in key target markets in the United States, as well as Cordelio’s team.
Together, Pattern and Cordelio bring the scale and operational depth that are essential to delivering complex clean-energy projects reliably and efficiently in today’s market.
“Pattern’s acquisition of Cordelio represents a logical next step in strengthening a leading clean energy business, bringing together more resources and solutions to meet the growing energy demand across North America,” said Bill Rogers, Managing Director, Head of Sustainable Energies for Canada Pension Plan Investment Board (CPP Investments).
Evercore Group L.L.C. served as exclusive financial advisor to Pattern Energy. Skadden, Arps, Slate, Meagher & Flom LLP and Osler, Hoskin & Harcourt LLP served as legal counsel to Pattern Energy. JPMorgan acted as financial advisor to Cordelio Power.
