Pattern Energy Group, a leader in clean energy and transmission infrastructure, and Cordelio Power have entered into a definitive agreement for Pattern Energy to acquire Cordelio Power, an independent power producer in Canada and the US.
The addition of Cordelio Power will expand one of the largest independent clean energy infrastructure platforms in North America.
Hunter Armistead, CEO of Pattern Energy, commented: “Today begins Pattern Energy’s next pivotal chapter in meeting North America’s rapidly growing energy demand. Cordelio brings a complementary portfolio of high-quality assets in attractive markets, supported by a strong and experienced team. This transaction will increase our presence and product offerings in the US and Canada, and our ability to deliver the long-term, affordable, and dependable infrastructure our customers expect as we fulfil our vision to power the future.”
Pattern will acquire a 1550 MW operating and in-construction portfolio from Cordelio comprised of 16 wind, solar, and storage projects in Canada and the US. Pattern will also acquire the majority of Cordelio’s wind and storage development projects in key target markets in the US, as well as Cordelio’s team.
Chris Hind, CEO of Cordelio Power, added: “Pattern and Cordelio share a commitment to responsible development and the communities in which we work. We look forward to joining with Pattern Energy to deliver high-quality projects with expanded product offerings to support customers across more markets.”
Bill Rogers, Managing Director, Head of Sustainable Energies for Canada Pension Plan Investment Board (CPP Investments), responded: “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. This transaction?brings together two complementary teams and portfolios, positioning the combined company to compete more effectively and accelerate growth. We continue to see strong opportunities in the power sector that will drive long-term value to the CPP Fund.”
Evercore Group LLC served as Exclusive Financial Advisor to Pattern and Skadden, Arps, Slate, Meagher & Flom LLP, and Osler Hoskin & Harcourt LLP served as Legal Counsel to Pattern in connection with this transaction. JPMorgan acted as Financial Advisor to Cordelio Power.
The transaction is expected to close in 1Q26, subject to customary regulatory approvals. Cordelio Power is wholly owned by CPP Investments, the majority shareholder of Pattern Energy. This share-based transaction will increase CPP Investments’ ownership stake in Pattern Energy upon closing.
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