Axium Infrastructure acquires 49% stake in Cordelio Power’s Ontario Renewable Power Portfolio

CPE News (1/12/2021) – Cordelio Power has sold a 49% interest of Ontario renewable portfolio to Axium Infrastructure. Financial terms were not disclosed.

Cordelio is wholly owned by Canada Pension Plan Investment Board (CPP Investments).

The 396 MW “Denfield” portfolio includes four wind projects and two solar projects located in southwestern Ontario. Cordelio will continue to manage the Denfield assets for the newly formed partnership.

With offices in Toronto, Vancouver and New York City, Cordelio is a renewable power producer managing over 1,000 MW of renewable generation assets across North America, including 396 MW of wind and solar projects in Ontario (51%-owned by Cordelio) plus a 656 MW (net) wind and solar portfolio stake owned by Canada Pension Plan Investment Board.

photo credit: Cordelio Power

News Release

Cordelio Power Sells 49% Stake in Ontario Renewable Power Portfolio to Axium Infrastructure

TORONTO, Jan. 12, 2021 /CNW/ – Cordelio Power (“Cordelio”) and Axium Infrastructure (“Axium”) are pleased to announce that Axium has purchased a 49% interest in Cordelio’s Ontario renewable portfolio. The 396 MW “Denfield” portfolio includes four wind projects and two solar projects located in southwestern Ontario. Cordelio will continue to manage the Denfield assets for the newly formed partnership.

“We’re excited to partner and share best practices with Axium, a premier renewables owner-manager,” said Rob Roberti, Cordelio’s Chief Financial Officer. “Axium’s technical and other capabilities will complement our own as these important assets continue to support Ontario’s energy transition.”

“We are very pleased to establish a partnership with Cordelio,” said Elio Gatto, Vice President and Investment Director of Axium Infrastructure. “This transaction is consistent with Axium’s ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners.”

About Cordelio Power
Cordelio is a renewable power producer managing over 1,000 MW of renewable generation assets across North America, including 396 MW of wind and solar projects in Ontario (51%-owned by Cordelio) plus a 656 MW (net) wind and solar portfolio stake owned by Canada Pension Plan Investment Board (“CPP Investments”). Cordelio also owns (wholly and through a joint venture) a growth pipeline of 2,500 MW of wind, solar and storage projects in the western and midwestern US. Cordelio carries out its operations and growth activities by working with all stakeholders in an efficient, safe and environmentally responsible manner. Cordelio is wholly owned by CPP Investments.

For further information, please contact:
Rob Roberti
Cordelio Power
+1 647-515-3337
info@cordeliopower.com

About Axium Infrastructure Inc.
Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had C$5.6 billion in assets under management as of September 30, 2020, as well as approximately C$1.7 billion in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 160 North American infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of any entity.

For further information, please contact:
Anne-Sophie Roy
Senior Vice President, Investor Relations
Axium Infrastructure Inc.
asroy@axiuminfra.com
T: +1 514-954-3781

SOURCE Cordelio Power