Pattern Energy Obtains Active Renewables Projects in Cordelio Acquisition

Written by Eric Funderburk for IIR News (Sugar Land Texas)

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Summary

Pattern Energy has announced plans to acquire clean energy provider Cordelio Power. Together, the two companies account for more than $6 billion worth of active projects in the U.S. and Canada.

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A Big Acquisition

Renewable energy and power transmission company Pattern Energy (San Francisco, California) has announced it will acquire independent renewables developer Cordelio Power (Toronto, Ontario). The deal includes Cordelio's 16 operational and under-construction projects as well as a pipeline of other planned developments in key U.S. locations.

Both companies are linked to the Canada Pension Plan Investment Board (CPP Investments) (Toronto), which wholly owns Cordelio and is the majority shareholder of Pattern. According to CPP Investments, its ownership stake in Pattern will rise with the share-based acquisition of Cordelio.

Industrial Info is tracking $2.8 billion worth of active Pattern Energy projects and more than $3.7 billion worth of active Cordelio projects, including several solar projects planned for New York state.

This Year's Big Pattern Energy Project

Of the more than $2.8 billion worth of active Pattern Energy projects being tracking by Industrial Info, one of the largest is set to kick off soon, potentially within a few months. That project is Pattern's Heritage Prairie development, spread across three counties in Illinois. A windfarm will include 62 turbines, each rated at 3.2 megawatts (MW), resulting in aggregate generation of about 200 MW. Another 300 MW of solar power generation will be developed at the site alongside with the windfarm. Both portions of the $1 billion+ project are expected to wrap up in 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports.

Pattern's Acquired Cordelio Projects

Industrial Info is tracking a broad range of potential Cordelio projects, including 200- to 400-MW windfarms, solar installations of between 100 and 200 MW as well as battery energy storage systems. However, most of these projects remain in an early planning stage.

Cordelio's major moves seem to be occurring in New York state, where the company is in various phases of development for more than a dozen smaller solar projects. Cordelio hit the jackpot in December 2023, when New York awarded a substantial number of solar projects. Cordelio emerged the big winner from the state's announcement, receiving nine project awards--more than any other company.

Construction of a few of those awarded projects from 2023 is planned to kick off this year, including:

• The 20-MW Highview project in Wyoming County, in the Finger Lakes area. Subscribers can learn more by viewing the related project report.
• The 20-MW Grassy Knoll solar plant in Herkimer County, in the Mohawk Valley. (See project report.)
• The 20-MW Flat Hill solar project, also in Herkimer County. (Click here to see the project report.)
• The 25-MW Watkins Road development, also in Herkimer County. (See project report.)
• The 20-MW Hills photovoltaic solar farm in Herkimer County. (See project report.)

An Expanded Footprint

Industrial Info's GMI Plant Database shows no operational facilities belonging to Pattern Energy in New York, so those Cordelio projects mean a completely new service area for Pattern. Other states in which Pattern will gain a new presence due to the acquisition include Arizona, Arkansas, Colorado and Illinois. Both companies have assets in Missouri and Nevada. Pattern's largest holdings are in New Mexico, where Industrial Info is tracking 12 operational windfarms and substations belonging to the company.

Key Takeaways

• San Francisco-based Pattern Energy will acquire independent renewable energy provider Cordelio Power.
• Pattern inherits active projects from Cordelio, including several smaller solar projects in New York.
• Pattern's biggest active project is the Heritage Prairie wind and solar power development in Illinois, which is planned to break ground this year.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).