Cordelio Power Acquires Wind Development Portfolio in Illino
TORONTO, July 7, 2020 /PRNewswire/ - Cordelio Power ("Cordelio") announces the acquisition of 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 two projects were acquired from Swift Current Energy ("Swift Current"), who will work with Cordelio to advance the projects under a development services agreement.
"We are pleased to start the next phase of our growth, and to be working with the Swift Current team," said Nick Karambelas, Cordelio's Chief Commercial Officer. "These projects represent our opportunity to help Illinois meet its clean power goals while making a positive impact on Mason County and its local communities."
"The Swift Current Energy team is excited to have Cordelio Power acquire these high impact wind projects," said Matt Birchby, a Partner at Swift Current. "We look forward to working closely with Cordelio on these projects to bring clean, home-grown energy, and the good jobs and economic opportunity that come with them, to Illinois."
Swift Current was advised in this transaction by KeyBanc Capital Markets Inc.
About Cordelio Power Inc.
Cordelio manages a 1,000+ MW renewable power generation portfolio that includes (i) direct ownership of a 396 MW portfolio of wind and solar projects in Ontario, and (ii) a 656 MW portfolio investment (net interest) owned by Canada Pension Plan Investment Board ("CPP Investments") through a joint venture with a strategic partner. 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.
About Swift Current Energy
Swift Current is a clean energy-focused development and investment firm with over a gigawatt of utility scale renewable energy projects acquired by sponsors and a pipeline of more than two gigawatt of wind, solar, and energy storage projects in development across North America. Swift Current is headquartered in Boston and its experienced team has a track record with over one hundred years of renewable energy experience.
Forward Looking Statements & Information
Certain information contained in this news release constitutes forward-looking information or forward-looking statements (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward–looking statements. Forward–looking statements typically contain words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes, and include without limitation, all financial projections, estimates of future costs, and projected performance or results. Forward-looking statements by their nature are subject to risks, assumptions and uncertainties which may cause the actual outcomes of such events to differ from Cordelio's expectation as of the date hereof, and whether forward-looking statements ultimately prove to be accurate will depend on factors outside of the control of Cordelio. Readers are encouraged to undertake their own analysis and investigation as to the reasonableness of any such forward-looking statements. Forward-looking statements contained in this news release are made as at the date of this news release and Cordelio disclaims any intent or obligation to update or to revise any of the included forward-looking statements.
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SOURCE Cordelio Power Inc.