Connor, Clark & Lunn Infrastructure Expands Renewable Energy Efforts with New Wind Projects in Ontario

Expansion of Renewable Energy at CC&L Infrastructure

Connor, Clark & Lunn Infrastructure (CCL Infrastructure) has made significant strides in its renewable energy initiatives with the recent acquisition of a 49% stake in a portfolio comprising three operational wind farms in Ontario. This strategic investment increases CCL Infrastructure's total renewable energy capacity to approximately 2.4 gigawatts (GW), underscoring the company's commitment to sustainable energy solutions.

The portfolio includes the Adelaide Wind, Bornish Wind, and Goshen Wind projects, which collectively generate around 235 megawatts (MW) of power. These projects are strategically located in Southern Ontario and are expected to produce energy that can fulfill the annual energy needs of over 200,000 households in the region. The energy produced by these wind assets is secured under 20-year Power Purchase Agreements (PPAs) with the Independent Electricity System Operator (IESO), which boasts a strong credit rating of Aa3 from Moody's.

With this acquisition, CCL Infrastructure continues to enhance its presence in the Ontario renewable market, demonstrating a commitment to building a resilient portfolio of infrastructure assets. Matt O'Brien, the President of CCL Infrastructure, stated, "This acquisition further advances our strategy of building a resilient, long-term portfolio of infrastructure assets underpinned by strong counterparties and stable cash flows."

The economic impact of these projects on local communities is noteworthy, as they contribute significantly through property taxes and direct funding initiatives. Additionally, CCL Infrastructure has established community benefit agreements with several local Indigenous groups, ensuring that the projects not only contribute to renewable energy but also foster local economic development and inclusivity.

Eric Reidel, Managing Director at CCL Infrastructure, emphasized the robust fundamentals present in the Canadian renewables market. He remarked, "This transaction reflects both the strong fundamentals we continue to see in the Canadian renewables market and the ability of our team to execute on complex acquisitions with leading industry partners." This showcases their capacity to navigate complex transactions effectively, bolstering partnerships that yield long-term value for their investments.

CIBC Capital Markets played a crucial role as the financial advisor for CCL Infrastructure during this transaction, while Torys LLP provided legal counsel. This collaboration highlights the importance of strategic partnerships in successfully executing large-scale investments in the renewable sector.

CCL Infrastructure's investment strategy focuses on middle-market infrastructure assets characterized by stable returns and extended lifespans. To date, the firm has amassed approximately $7 billion in assets under management, diversified across various geographies and sectors with over 100 underlying facilities, demonstrating a robust commitment to fostering sustainable energy investments.

As part of the Connor, Clark & Lunn Financial Group Ltd., which manages around $154 billion in assets, CCL Infrastructure is well-positioned to continue its growth in the renewable energy landscape, creating value both for its investors and the communities it serves. With this expansion, the company is poised to make significant contributions to Ontario's renewable energy goals while remaining committed to environmentally responsible practices and indigenous partnerships.