Canada’s renewable power producer Cordelio Power (Cordelio) has divested a 49% interest of its renewable portfolio in Ontario to Axium Infrastructure.
The remaining 51% stake will be retained by Cordelio Power, which is owned by the Canada Pension Plan Investment Board.
The 396MW ‘Denfield’ portfolio comprises of four wind facilities and two solar projects located in southwestern Ontario.
Under the agreement, Cordelio will manage the Denfield assets for the newly formed partnership.
Cordelio CFO Rob Roberti said: “We’re excited to partner and share best practices with Axium, a premier renewables owner-manager.
“Axium’s technical and other capabilities will complement our own as these important assets continue to support Ontario’s energy transition.”
Financial details of the transaction have not been disclosed.
Axium Infrastructure vice-president and investment director Elio Gatto said: “We are very pleased to establish a partnership with Cordelio. This transaction is consistent with Axium’s ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners.”
In addition to 396MW of wind and solar projects in Ontario, Cordelio manages a net 656MW stake in a wind and solar portfolio owned by CPP Investments.
It also owns a pipeline of 2.5GW of wind, solar and storage projects in the western and midwestern US.
Last July, Cordelio Power announced the acquisition of two wind farm facilities in central Illinois, US. The facilities were sold by Swift Current Energy and have a nameplate capacity of more than 350MW.