Cordelio Power, a Toronto-based renewable energy producer, has sold a 49 percent interest in its Ontario portfolio to Axium Infrastructure. No financial terms were disclosed. The 396-megawatt portfolio includes four wind projects and two solar projects. Cordelio is backed by Canada Pension Plan Investment Board.
TORONTO, Jan. 12, 2021 /PRNewswire/ – Cordelio Power (“Cordelio”) and Axium Infrastructure (“Axium”) are pleased to announce that Axium has purchased a 49% interest in Cordelio’s Ontario renewable portfolio. The 396 MW “Denfield” portfolio includes four wind projects and two solar projects located in southwestern Ontario. Cordelio will continue to manage the Denfield assets for the newly formed partnership.
“We’re excited to partner and share best practices with Axium, a premier renewables owner-manager,” said Rob Roberti, Cordelio’s Chief Financial Officer. “Axium’s technical and other capabilities will complement our own as these important assets continue to support Ontario’s energy transition.”
“We are very pleased to establish a partnership with Cordelio,” said Elio Gatto, Vice President and Investment Director of Axium Infrastructure. “This transaction is consistent with Axium’s ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners.”
About Cordelio Power
Cordelio is a renewable power producer managing over 1,000 MW of renewable generation assets across North America, including 396 MW of wind and solar projects in Ontario (51%-owned by Cordelio) plus a 656 MW (net) wind and solar portfolio stake owned by Canada Pension Plan Investment Board (“CPP Investments”). Cordelio also owns (wholly and through a joint venture) a growth pipeline of 2,500 MW of wind, solar and storage projects in the western and midwestern US. Cordelio carries out its operations and growth activities by working with all stakeholders in an efficient, safe and environmentally responsible manner. Cordelio is wholly owned by CPP Investments.