Connor, Clark & Lunn Infrastructure announces commencement of operations and closing of US$87 million debt financing for 200 MW Riverstart Solar Project

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is pleased to announce the completion of construction at its 200 megawatt (MW) Riverstart solar project and the concurrent closing of a US$87 million bank financing with a consortium of North American banks. In aggregate, CC&L Infrastructure has closed over $4 billion in renewable power debt financings in the Canadian and U.S. markets in recent years.

This investment forms part of a previously announced acquisition of an 80% equity interest in a 563 MW U.S. renewable power portfolio that CC&L Infrastructure, alongside Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company (together, Desjardins Group), purchased from EDP Renováveis, S.A. (EDPR). In addition to the 200 MW Riverstart solar project, the portfolio includes four operating wind projects located in Indiana, Wisconsin, Oklahoma, and Ohio with an aggregate installed capacity of more than 360 MW. Each asset is fully contracted through long-term power purchase agreements with high-quality offtakers, and the portfolio provides geographically diversified exposure to three distinct U.S. electricity markets.

The Riverstart solar project is located in Randolph County, Indiana, approximately 80 miles northeast of Indianapolis. The facility, which recently entered into operations, is now the largest solar array by capacity in the state and generates energy equivalent to the average consumption of more than 36,000 Indiana homes each year.

“We are excited to announce the achievement of this important milestone and the closing of the related financing for Riverstart, the largest solar project in our rapidly growing renewable portfolio,” said Matt O’Brien, President of CC&L Infrastructure. “We would also like to thank our partners, Desjardins Group, for their support in this transaction, and EDP Renewables North America, who developed and constructed the project, and alongside whom we look forward to working in the ongoing operation of the asset for many decades to come.”

CC&L Infrastructure now owns approximately 1.5 gigawatts (GW) of renewable power globally, with more than 1.3 GW in operation. On a combined basis, these operating facilities are expected to produce approximately 4.2 million MW hours of clean energy each year – enough energy to power more than 340,000 homes and offset the equivalent greenhouse gas emissions of more than 620,000 passenger vehicles for a year.

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 www.cclinfrastructure.com.

Contact:

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