Connor, Clark & Lunn Infrastructure expands renewable energy portfolio to over 2 GW with investment in Ontario wind assets

Toronto, January 7, 2025 – Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is pleased to announce the acquisition of a significant interest in two Ontario-based wind projects (the Projects) representing approximately 330 megawatts (MW) of gross capacity from Pattern Energy Group LP (Pattern Energy), a leading North American developer and operator of renewable energy assets. The acquisition increases the size of CC&L Infrastructure’s renewable energy portfolio to over 2 gigawatts (GW) of gross capacity, diversified across a variety of energy markets, contract counterparties, regulatory jurisdictions and technologies (i.e. wind, solar and hydro). Pattern Energy will maintain a minority equity stake in the Projects and will continue to manage and operate the assets.

The Projects, Armow Wind and Grand Renewable Wind, are both located in southern Ontario and have gross capacities of 180 MW and 149 MW, respectively, together generating energy equivalent to the annual consumption of almost 290,000 Ontarians. All of the energy generated by the Projects is sold under 20-year Power Purchase Agreements (PPAs) to the Independent Electricity System Operator (IESO) (rated Aa3 by Moody’s). Both assets use proven wind technology and each has been in operation for approximately a decade, performing largely in line with forecasts for power generation and availability over that period.

“This investment in Armow Wind and Grand Renewable Wind will expand our renewable energy portfolio to over 2 GWs, building on our long history of constructing and operating clean energy assets across North America,” said Matt O’Brien, President of CC&L Infrastructure. “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 Projects contribute meaningfully to the communities in which they operate, generating millions of dollars in property taxes and ancillary revenues for the local communities over their asset lives. The Projects have committed to contribute a total of over $25 million to community benefit funds over the first 20 years of operations, and have supported local initiatives such as recreational facilities, public infrastructure and improvements to local infrastructure.

“Establishing this partnership with CC&L Infrastructure, an experienced and active Canadian infrastructure investor, will allow Pattern to grow our positive impact in Canada and to expand our portfolio in the country,” said Hunter Armistead, CEO at Pattern Energy. “Pattern has become Canada’s largest operators of wind power with projects generating enough clean energy to power nearly 1.5 million Canadians. We are proud to have created thousands of jobs and distributed millions in direct financial benefits to communities across the country over the last 15 years.”

CC&L Infrastructure and Pattern Energy will own the assets alongside Samsung Renewable Energy (Samsung) and Six Nations of the Grand River (in the case of Grand Renewable Wind). CC&L Infrastructure and Samsung have previously worked together to build and operate approximately 300 MW of solar projects across four sites in Ontario.

CIBC Capital Markets served as CC&L Infrastructure’s financial advisor on the transaction and Torys LLP served as its legal counsel. BMO Capital Markets acted as exclusive financial advisor for Pattern Energy and Osler, Hoskin & Harcourt LLP served as its legal counsel.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $6 billion in assets under management diversified across a variety of geographies, sectors and asset types, with approximately 100 underlying facilities across over 35 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately CAD132 billion in assets.

Contact
Sonja Weiss
Vice President
Connor, Clark & Lunn Infrastructure
(437) 561-6184
[email protected]

About Pattern Energy

Pattern Energy is one of the world’s largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects. Its operational portfolio includes more than 30 renewable energy facilities that use proven, best-in-class technology with an operating capacity of nearly 6,000 MW across North America. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.

Contact
Matt Dallas
Pattern Energy
(917) 363-1333
[email protected]