CPP Investments’ Cordelio gets funding for Moraine Sands wind project

• Affiliates of MUFG, National Bank of Canada, Bank of Montreal and Export Development Canada provided a C$301m construction loan facility
• This financing was supported by a C$157m tax equity commitment from JPMorgan
• CPP Investments acquired Cordelio Power in 2018

Cordelio Power, owned by Canada Pension Plan Investment Board (CPP Investments), has raised a construction loan facility and tax equity commitment for its Moraine Sands wind project.

The C$301 million construction loan facility was provided by affiliates of MUFG, National Bank of Canada, Bank of Montreal and Export Development Canada. A portion of this facility will be converted into a term loan when the project begins commercial operations, according to the company.

This financing was supported by a C$157 million tax equity commitment from JPMorgan Chase & Co, which will also fund when the project begins operating.

The Moraine Sands wind project, located in Mason County, Illinois, holds a nameplate capacity of 171 megawatts. Cordelio expects to complete construction of the project later this year. It will sell 100 percent of its power under a long-term agreement with Microsoft Corp.

Based in Toronto, Cordelio is a renewable power producer that manages an operating portfolio of more than 1,200 megawatts of assets in Canada and the US. CPP Investments acquired the company in 2018.

CPP Investments, headquartered in Toronto, is an investment management organization that oversees Canada Pension Plan’s fund. The fund totalled C$570 billion as of 31 March 2023.