Pattern Energy Group has entered into a definitive agreement to acquire Cordelio Power, an independent power producer operating in Canada and US. Under the agreement, Pattern Energy will acquire an operating and under-construction renewable portfolio of 1,550 MW from Cordelio Power. This portfolio comprises 16 wind, solar, and energy storage projects located across Canada and the US.
Additionally, Pattern Energy will take over the majority of Cordelio Power’s wind and storage development pipeline in key target markets in US. The combined portfolio is intended to strengthen scale and operational capability for complex clean energy projects. Cordelio Power is wholly owned by CPP Investments, which is also the majority shareholder of Pattern Energy. The acquisition will be completed through a share-based transaction, which will result in an increase in CPP Investments’ ownership stake in Pattern Energy upon closing.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals. Furthermore, Evercore Group L.L.C. acted as the exclusive financial advisor to Pattern Energy, while Skadden, Arps, Slate, Meagher & Flom LLP and Osler Hoskin & Harcourt LLP served as legal advisors to Pattern Energy for the transaction. JPMorgan advised Cordelio Power on the deal.
