Swift Current Energy Sells Wind Projects in Illinois to CPPIB-Backed Cordelio Power
Posted on 07/11/2020
Canada Pension Plan Investment Board (CPPIB) owns Cordelio Power Inc. CPPIB created Cordelio Power in April 2018 when it invested in a portfolio of six Canadian operating wind and solar power projects from NextEra Energy Partners. On July, 7, 2020, Cordelio Power revealed it bought two wind projects under development in central Illinois. The Glacier Sands and Moraine Sands projects are expected to achieve commercial operations in 2021 and 2022, respectively, with over 350 MW of nameplate capacity. The Glacier Sands project is under contract for a portion of its output for 14 years. The seller of these projects is Swift Current Energy. Swift Current Energy will work with Cordelio to advance the projects under a development services agreement.
CPPIB also signed an agreement in April 2018 to acquire a portfolio of six Canadian operating wind and solar power projects from NextEra Energy Partners for C$741 million. The business now operates as Cordelio Power. In October 2018, CPPIB expanded its existing joint venture with Votorantim Energia through the acquisition of a stake in the Brazilian hydro generation company from the state of São Paulo’s Companhia Energética de São Paulo (CESP) for BRL$1.7 billion ($408 million).
Swift Current was advised in this transaction by KeyBanc Capital Markets Inc.