Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has agreed to acquire 15 construction-stage solar projects in Chile. No financial terms were released for the deal, CC&L Infrastructure’s first outside of Canada. It closed on an investment to buy the first two projects and expects to wrap up the acquisition no later than early 2018. Once fully constructed, the facilities will have about 200,000 solar modules and be capable of generating 130,000 megawatt hours of electricity annually. CC&L Infrastructure is part of Connor, Clark & Lunn Financial Group Ltd, a Canadian asset management firm.
Connor, Clark & Lunn Infrastructure Closes Solar Investment in Chile
TORONTO, Sept. 7, 2017 /CNW/ – Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”) is pleased to announce that it has entered into binding agreements to acquire 15 construction-stage, ground mount solar projects in Chile aggregating approximately 65 MWs of capacity. CC&L Infrastructure has closed on the investment to acquire the first two projects in the portfolio and expects to complete the acquisition of the balance of the portfolio in late 2017 and early 2018. This investment marks the first outside Canada for CC&L Infrastructure.
Construction of the portfolio is scheduled for completion in late 2018 or early 2019. Once completed, the facilities will have approximately 200,000 solar modules and be capable of producing 130,000 megawatt hours of clean electricity annually.
“We are delighted to be making our first investment outside of Canada,” said Matt O’Brien, President of CC&L Infrastructure. “The investment is consistent with our strategy of investing in high-quality, long-duration assets in creditworthy jurisdictions – Chile is rated investment grade by Moodys (Aa3) and S&P (A+). This investment also leverages our existing competency in the construction and operation of solar power systems and our established relationships in the solar space. In this regard, I would like to thank CarbonFree Technology, our development and investment partner, for its collaboration on this opportunity.”
The power generated by the projects is expected to be sold at a stabilized price under the Pequeños Medios de Generación Distribuidos (PMGD) program in Chile, and will be transmitted to the grid through feeder lines owned by local distribution companies.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $71 billion in assets. For more information, please visit www.cclgroup.com.
For further information: For media inquiries contact: Gail Prins-Visser, Communications Manager, Connor, Clark & Lunn Financial Group Ltd., (416) 864-3136, firstname.lastname@example.org
Photo courtesy of Reuters/Ivan Alvarado