Connor, Clark and Lunn Infrastructure (CC&L Infrastructure), EDP Renewables North America (EDPR NA), and Hoosier Energy are celebrating American Clean Power Week as construction winds down at the 200-megawatt (MW) Riverstart Solar Park in Indiana, which will be the largest solar array in the state upon completion.

Located 80 miles northeast of Indianapolis, the solar park has brought hundreds of jobs to Randolph County with approximately $180 million in capital investments. When operational, Riverstart Solar Park will power the equivalent of more than 36,000 average Indiana homes annually.

Over the project’s lifetime, millions of dollars in property tax payments will be disbursed to school districts and local governments. Riverstart has a 20-year purchase power agreement (PPA) with Bloomington-based Hoosier Energy, which will use energy produced from the project to power communities throughout central and southern Indiana and southeastern Illinois. The agreement will help diversify the electric grid and add to Indiana’s growing portfolio of renewable energy projects.

“Riverstart Solar Park will provide an economical source of renewable energy for the next two decades and is a great fit for our members’ long-term needs,” said Donna Walker, Hoosier Energy President and CEO. “Hoosier Energy appreciates the collaboration with EDPR and CC&L Infrastructure and looks forward to working with them to make this project a success.”

Hoosier Energy is a not-for-profit generation and transmission cooperative that provides electric power and services to 18 not-for-profit electric distribution cooperative owners. The 18 cooperative members serve more than 760,000 consumers.

The solar project’s construction has already created hundreds of jobs for Hoosiers and continues to bring well paying jobs to the area. Riverstart has also led to millions of dollars of spending within 50 miles of the project— boosting the local economy and supporting local businesses and families. The project will also complement the area’s agricultural resources with a stable, weather-proof cash crop in the form of landowner lease payments.

“CC&L Infrastructure and our investment partner, Desjardins Group, are pleased to own and operate this largescale solar project alongside EDPR,” said Matt O’Brien, President of CC&L Infrastructure. “As long-term investors, we believe in responsible investment. CC&L Infrastructure is focused on investing in essential infrastructure projects that support local communities while creating value for customers, employees and investors. We look forward to working together to supply Hoosier and Randolph County with solar power for the decades to come.”

“EDP Renewables is proud to bring investments, jobs, economic growth, and renewable energy to Indiana,” said Miguel Prado, CEO of EDP Renewables North America. We are grateful for the collaboration with Hoosier Energy and CC&L Infrastructure, who made the Riverstart Solar Park possible, and we are thrilled to see the positive impact solar power has had on the Randolph County community and the state of Indiana as a whole.”

Riverstart Solar Park is expected to begin operations before the end of 2021. EDPR NA has 1,199 MW of operational renewable energy capacity in Indiana, which represents one-third of all renewable energy capacity installed in the state. Through the company’s dedication to sustainability measures, Indiana is one step closer to a cleaner, brighter future.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flows. The firm has been an active investor and owner of traditional and renewable energy assets for more than 15 years. Its portfolio includes more than 60 hydro, solar, and wind facilities totaling 1.4 GW of clean energy generating capacity globally. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi boutique asset management firm whose affiliates collectively manage approximately CAD$100 billion in assets.

For more information, please visit

About EDP Renewables North America

EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 58 wind farms, eight solar parks, and seven regional offices across North America, EDPR NA has developed more than 8,300 megawatts (MW) and operates more than 8,000 MW of onshore utility-scale renewable energy projects. With more than 800 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent.

For more information, visit

About EDP Renewables

EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the world’s fourth-largest renewable energy producer. With a sound development pipeline, first class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 17 international markets (Belgium, Brazil, Canada, Chile, Colombia, France, Greece, Hungary, Italy, Mexico, Poland, Portugal, Romania, Spain, the United Kingdom, the United States, and Vietnam).

EDPR is committed to furthering social advances in terms of sustainability and integration. This is reflected by the inclusion of the company in the Bloomberg Gender Equality index and the fact that it has been certified as a Top Employer 2020 in Europe (Spain, Italy, France, Romania, Portugal, and the United Kingdom) and a Top Workplace 2020 in the United States, both of which recognize its employee-driven policies.

Energias de Portugal, S.A. (EDP), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation, and sustainability. EDP has been included in the Dow Jones Sustainability Index for 13 consecutive years.

About Hoosier Energy

Founded in 1949, Hoosier Energy is a generation and transmission cooperative (G&T) with headquarters in Bloomington, Indiana. The G&T provides electric power and services to 18 member distribution cooperatives in central and southern Indiana and southeastern Illinois. We are a community-focused organization that works to efficiently deliver affordable, reliable and safe energy. Collectively, our 18 members serve more than 760,000 consumers. Hoosier Energy is an equal opportunity provider and employer.

For more information, visit


Kaitlin Blainey
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]

Dear Clients and Colleagues:

In last week’s commentary we discussed how green hydrogen can help reach net-zero carbon by 2050. This week, we focus on decarbonization within the aviation sector and how technological evolutions will help reduce carbon emissions.

The transportation sector is a huge contributor to carbon emissions, and is responsible for 29% of the total carbon dioxide (CO2) emissions in the United States (US)¹ and close to 27% in Europe². Compared to the aviation sector, the road transportation sector is far ahead on its decarbonization path.

While other sectors decarbonize quicker, the commercial aviation sector is under pressure to show greater transparency and start establishing greater initiatives in order to cut down its carbon emissions. Two weeks ago, the International Air Transport Association announced that its member airlines, which represent 82% of the world’s airlines, agreed to achieve net-zero carbon emissions by 2050.³

The road map to decarbonization will essentially be driven by newer and greener technologies, and by increasing the mix of sustainable aviation fuel. Sustainable aviation fuel would certainly be part of the solutions, but that cannot be the only one. Current availability of sustainable aviation fuel represents only 0.1% of the total fuel supply needed.⁴

Technology, which will continue to evolve, will also help reduce the sector’s carbon emissions. Pratt & Whitney designed GFT engines, which is one of the most sustainable engines in service for singleaisle planes. The GFT engine family, as an example, allows the reduction of up to 20% fuel burn and carbon emissions, while reducing the noise footprint by 75%. Today, more than 1,000 airplanes are equipped with that engine.⁵ When considering there are approximately 26,000 airplanes in service globally, the carbon footprint of this sector would be improved as older airplanes get replaced with newer and more efficient aircraft programs.⁶

Another means of transportation for regional and urban travel could emerge in the coming years. Electrical Vertical Take-off and Landing (eVTOL) is a new type of light commercial aircraft currently under flight testing or prototyping. This new transport mode is potentially disruptive to other modes of transportation but should not be a threat to commercial airlines or the automotive sector. Conversely, it represents a sustainable alternative for inner city, short regional travels, air ambulance, and cargo transport.

Thanks to sizable investments made over the past two years, the odds of having eVTOL operating in the future has increased significantly.⁷ Since 2019, the eVTOL sector benefited from a capital inflow of approximately $10 billion.

The eVTOL market opportunity could be massive but at this time, it is hard to assess what could be an accurate figure. Lilium, one of the leading original equipment manufacturers (OEM) in that space, estimates that eVTOL could be worth $500 billion by 2040.⁸ When taking the cargo market under consideration, this market size expectation could reach $1 trillion. Other experts believe this sector could become an even bigger addressable market. It is no surprise that established aircraft manufacturers announced their own eVTOL programs, or co-investments. Last month, Airbus launched its new CityAirbus Next Gen program to address the urban air mobility market.⁹

Joby Aviation and Volocopter are amongst the leading OEMs that could be the first to obtain their type certification between 2022 and 2024. Other interesting emerging eVTOL developers include Archer Aviation, Lilium, Vertical Aerospace, and Kitty Hawk. Note, the aforementioned companies are not part of Global Alpha’s holdings. Every manufacturer has its own design, propulsion technology, and characteristics, but all of them want to address the future of urban air mobility, focusing on a transportation range of 0-300 miles.

There are several positive advantages to support the eVOTL development over traditional transportation modes:

  • Reduced travel time and the cost of congestion: Lilium anticipates a short distance trip, like JFK airport to New York City could take approximately five minutes, while a longer regional trip between NYC and Boston could take approximately 1 hour and 15 minutes.¹⁰ Joby Aviation estimates that there are 4.6 billion hours wasted in traffic in the top 15 U.S. cities every year.¹¹
  • Sustainable transportation mode: Lilium estimates that its eVTOL emission footprint would represent 18g CO2 per passenger kilometers. That compares with 189g for commercial aircraft, 142g for gasoline cars, and 31g for electric cars.¹² This is assuming the batteries are produced with renewable energy.
  • Noise reduction: Some models of eVTOLs are expected to generate less than 70 decibels, which is comparable to the noise level of a dishwasher.¹³
  • Lower cost of operation: McKinsey estimates that the cost of operating eVTOL could drop rapidly to $2.5 per seat mile. In comparison, the cost of operating a helicopter today is around $6-$8 per seat mile.¹⁴
  • Simpler infrastructure needs: The urban air mobility network would require an infrastructure that would likely be much less costly than traditional transportation infrastructure, such as airports. Many of the existing infrastructure could be converted into landing/take-off pads (rooftop buildings, gas stations, parking areas). McKinsey estimates that the cost for 10 landing/take-off pads could reach up to $24 million, which includes the cost of operations¹⁵.

We understand that a new ecosystem needs to be created, and with that, comes many challenges. The success of the eVTOLs will depend on several factors, such as technical challenges, regulatory approval, the pace of adoption from clients and passengers, and the infrastructure required to accommodate this new transportation mode.

Have a great day.

The Global Alpha team

2 Greenhouse gas emissions from transport in Europe — European Environment Agency (
3 IATA – Net-Zero Carbon Emissions by 2050
4 Aviation’s flight path to a net-zero future | World Economic Forum (
7 How Far Away Is Your Air Taxi? | | Air & Space Magazine

This report is provided solely for informational purposes and nothing in this document constitutes an offer or a solicitation of an offer to purchase any security. This report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute a representation that any investment strategy is suitable or appropriate to a recipient’s individual circumstances. Global Alpha Capital Management Ltd. (Global Alpha) in no case directly or implicitly guarantees the future value of securities mentioned in this document. The opinions expressed herein are based on Global Alpha’s analysis as at the date of this report, and any opinions, projections or estimates may be changed without notice. Global Alpha, its affiliates, directors, officers and employees may sell or hold a position in securities of a company(ies) mentioned herein. The particulars contained herein were obtained from sources, which Global believes to be reliable but Global Alpha makes no representation or warranty as to the completeness or accuracy of the information contained herein and accepts no responsibility or liability for loss or damage arising from the receipt or use of this document or its contents. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. MSCI makes no express or implied warranties or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) today announced the formation of a strategic partnership with Hy Stor Energy LP (Hy Stor Energy), which will develop, commercialize and operate green hydrogen production, storage, and distribution at scale.

Hy Stor Energy is developing a portfolio of large-scale, fully integrated green hydrogen projects in the United States. The projects will include the on-site production, storage, and delivery of green hydrogen as both a
zero-carbon fuel and a means of storing and producing electricity on demand. This combination of storage and scale will be critical in accelerating the green hydrogen economy in the United States and will support the nation’s transition to a net zero carbon emissions future.

Hy Stor Energy is already permitted for hydrogen storage at multiple locations in the U.S. Gulf Coast, which together will form the backbone of a regional hub. This hydrogen hub will have co-located production, transmission, pipeline, rail and other infrastructure, linking these components to add value while driving economies of scale and attracting end-users. The hub is also expected to attract intellectual capital, spur innovation, create jobs and stimulate the local economy. It will deliver a major source of safe, reliable and 100% carbon free energy that is flexible and available on demand.

“CC&L Infrastructure is excited to further participate in the global energy transition with this partnership,” said Matt O’Brien, President of CC&L Infrastructure. “We believe that the green hydrogen sector is nearing an important inflection point and that its growth will contribute meaningfully to the achievement of net zero carbon emissions targets over the coming decades. The partnership with Hy Stor Energy is a natural evolution of our long-term investment strategy that builds upon our existing expertise in renewable energy. Through this partnership, CC&L Infrastructure and its clients will gain access to a number of attractive investments in a rapidly growing renewable sub-sector as well as technical expertise in green hydrogen and energy storage.”

“Hy Stor Energy is solving the unique challenges of a world transitioning to renewable energy, and we’re developing a model for producing, storing and delivering 100% carbon-free green hydrogen reliably, consistently – and at scale,” said Laura Luce, CEO of Hy Stor Energy. “Our partnership with CC&L Infrastructure will enable us to advance the large-scale development and commercialization of green hydrogen and long-duration storage.”

Green hydrogen is a zero-carbon fuel source and an energy storage mechanism. It is created using renewable energy and a process called electrolysis. Electrolysis uses only two inputs – water and renewable electricity – to produce hydrogen with zero emissions and with oxygen as the only byproduct. Green hydrogen is expected to play a critical role in the global shift away from fossil fuel based sources of energy. Specifically, it can enable the decarbonization of sectors where direct electrification is not practical, offering a viable path towards zero emissions for many industries and jurisdictions.

CC&L Infrastructure’s investment mandate targets traditional and energy infrastructure assets and companies, including power generation, electricity transmission and distribution, and energy storage, among other projects. The firm is an active investor and owner of renewable energy assets and has a current portfolio totaling 1.4 GW of clean energy generating capacity globally. The majority of these assets were acquired during development and the CC&L Infrastructure team has significant experience in both construction oversight and ongoing asset management. The partnership with Hy Stor Energy will build upon this expertise to support further decarbonization efforts and the global energy transition.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flows. The firm has been an active investor and owner of renewable energy assets for more than 15 years. Its portfolio includes more than 60 hydro, solar, and wind facilities totaling 1.4 GW of clean energy generating capacity globally. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over CAD$100 billion in assets. For more information, please visit

About Hy Stor Energy

Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing green hydrogen at scale through the development, commercialization, and operation of green hydrogen hub projects. Large, fully integrated projects produce, store, and deliver 100% carbon-free energy, providing customers with safe and reliable renewable energy on-demand. Developed as part of an integrated hub, these projects couple on-site green hydrogen production with integrated long-duration storage and distribution – using scale to reduce costs. Hy Stor Energy, led by energy storage industry and hydrogen technology veteran Laura L. Luce, has an innovative team with deep expertise and is positioned as a leader in the green hydrogen revolution. For more information, please visit


Kaitlin Blainey
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]

Connor, Clark & Lunn Financial Group (CC&L Financial Group) is pleased to announce it has become a Founding Participant in Climate Engagement Canada (CEC). CEC is a Canadian finance-led collaborative initiative that aims to drive dialogue between the financial community and Canadian corporations on climate-related risks, opportunities and transition to a net zero economy.

The CEC program is launching with over 25 investors as Founding Participants, collectively managing over $3 trillion in assets. CC&L Financial Group represents its three Canadian equity affiliates, Connor, Clark & Lunn Investment Management Ltd., PCJ Investment Counsel Ltd., and Scheer, Rowlett & Associates Investment Management Ltd. 

“Connor, Clark & Lunn Financial Group looks forward to collaborating with other institutional investors to address climate risk in the Canadian economy and the transition to net zero,” said Michael Walsh, Managing Director, Connor, Clark & Lunn Financial Group. “All CC&L Financial Group affiliates spend significant time researching the ESG risks and opportunities of their investments and engaging with company management teams on ESG topics, so we view CEC as an important opportunity to speak with a stronger, unified voice on the issue of climate change.”

The CEC initiative is coordinated by several investor networks including the Responsible Investment Association (RIA), Shareholder Association for Research and Education (SHARE), and Ceres. The UN-backed Principles for Responsible Investment (PRI) is also supporting the program.

The CEC’s development was inspired by Canada’s Expert Panel on Sustainable Finance, which in 2019 made a series of recommendations to align Canada’s financial system with a low carbon future. One of the Expert Panel’s recommendations was to establish a national engagement program, akin to the global Climate Action 100+ initiative, to drive a broader and more consistent dialogue with Canadian issuers around climate risks and opportunities. Climate Engagement Canada is that program.

More information regarding this initiative can be found on the CEC website at

About Connor, Clark & Lunn Financial Group Ltd.

Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group) is a multi-boutique asset management firm that provides a broad range of investment management products and services to institutional investors, high net worth individuals and advisors. We bring significant scale and expertise to the delivery of non-investment management functions through the centralization of all operational and distribution functions, allowing our talented investment managers to focus on what they do best. With offices across Canada, and in Chicago and London, CC&L Financial Group’s affiliates manage over $100 billion in assets. For more information, please visit


Blythe Clark
Manager, Stewardship & Engagement
Connor, Clark & Lunn Financial Group
(604) 891-2601
[email protected]

Thanksgiving is the time of year when we reflect on the fortunate aspects of our lives and show our appreciation for friends, family and those who support us. At CC&L, we are thankful for our local food banks and the support that they continue to provide in the communities in which we live and work.

Food banks have come to play a vital role in many people’s lives, particularly as COVID-19 has created additional food insecurity for more families across the country. Since the start of the pandemic, food banks have seen a rise of more than 50% in the number of people requiring their services. If the current trend continues, Toronto food banks will see 1.4 million visits by the end of 2021.1

The CC&L Foundation has donated to the Daily Bread Food Bank in Toronto for a number of years and has recently furthered support with a multi-year commitment. The Daily Bread Food Bank was founded in 1983 and has become one of Canada’s largest food banks. It believes no one should go hungry or face barriers to accessing food. Its nearly 200 food programs across Toronto aim to provide healthy and nutritious meals to people experiencing food insecurity.

“Although a sense of normalcy is returning to our city, for tens of thousands of individuals living in poverty, the reality is very different. In August 2021, there were over 113,000 visits to Daily Bread member food banks – a 67% increase compared to the same time last year,” says Neil Hetherington, CEO, Daily Bread Food Bank. “We are deeply grateful to CC&L for stepping forward this Thanksgiving season with a generous donation that will help ensure that the right to food is realized for our adults, seniors and children experiencing food insecurity in our city.”

About the Connor, Clark & Lunn Foundation

Created in 1999, the CC&L Foundation is supported by CC&L Financial Group and its affiliates and it responds to requests from clients, staff and others to fund programs and not-for-profit organizations that help promote a better environment, improvements to education, advances in science and medicine, stronger communities and the arts.


To enact change, more and more investors expect their money managers to hold companies accountable on environmental, social, and governance (ESG) issues. It aligns with a backdrop of social discourse from climate change and carbon emissions to equality and racism, alongside an outspoken, socially conscious, millennial generation that has integrated ESG into investment decisions and client portfolios.

There is a lot of conflicting information about what ESG investing is and why it should matter to investors – not to mention many misconceptions around whether ESG factors help or hinder investment performance. 

This article highlights how ESG investing has evolved and what it means today, shares our embrace of ESG factors in decision-making, and shows how to make your investments matter without sacrificing return potential.

How has the concept of ESG investing evolved?

Making investment decisions based on ESG-related factors is not new, although it has evolved significantly over the past 25 years. Early on, many ESG-related investment approaches took an exclusionary stance. They avoided investments in specific industries or companies that were associated with negative environmental or human impacts or had a reputation for poor or dangerous work conditions.  

In recent years, such investment approaches have matured and now align with different investors’ unique needs and objectives. At CC&L Private Capital, we typically break ESG-related investment approaches into three categories: 

  • ESG investing: Considering environmental, social, and governance issues as risk factors and integrating each into our investment process. This analysis and decision-making criteria informs our discipline when evaluating a stock, bond, or alternative investment in order to drive better risk-adjusted returns
  • Socially responsible investing (SRI): Use environmental, social, and governance risk factors to screen and filter specific risk exposures. These screening criteria are clearly defined but remain secondary to the primary objective of maximizing risk-adjusted investment returns. 
  • Impact Investing: An approach that takes the concept of SRI one step further, where all investments have a dual purpose: achieving a positive ESG impact and generating investment returns.

ESG investing, as defined above, should be relevant to all investors because it focuses on value. It is another important tool used to evaluate potential investments and determine return potential.

We embrace ESG factors in decision-making

At CC&L Private Capital, we integrate ESG factors into all of our investment processes, including traditional and alternative asset classes. This process identifies good environmental stewards that pay strong attention to health, safety, and social issues, and are well-governed.

By integrating ESG factors into our investment approach, we indirectly reward companies who embrace good corporate citizenship and provide the impetus to change for those that may be lagging. We are able to hold companies accountable and help them improve their own ESG activities. 

We also use a ”positive screen” approach – recognizing the best-in-class players in an industry or sector and encouraging others to make similar changes. For example, we might invest in a leading oil & gas company that takes environmental issues seriously, builds strong relationships with indigenous communities, and embraces diversity within their governance structures. 

In a world where ESG issues are growing in importance, we believe in working with clients and discussing an approach that better aligns with their values. It will help to generate improved risk-adjusted investment returns over the long term while contributing to the betterment of Canada and the world. 

Making investments that matter

ESG investing does not mean investors must choose between making socially-conscious investments and maximizing return potential. You can achieve both. Research has shown that, all else being equal, companies with sustainable business practices and a strong attention to corporate governance are likely to have less risk and perform better financially than those companies without. Investing in such companies leads to long-term value creation and contribute to building a better world. 

Find out more

In today’s investment environment, getting the returns you want can be difficult. To learn how you can build a diversified portfolio that achieves your financial goals while managing risk, please read our Portfolio Guide – Beyond Stocks and Bonds.

If you would like to find out more about our approach to ESG investing or learn how we can help you achieve your investment goals, please contact us.

This post is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.