CC&L Infrastructure acquires 80% stake in Sharp Hills wind farm in Alberta

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has finalized its acquisition of an 80% equity interest in the Sharp Hills wind farm from EDP Renewables Canada Ltd. (EDPR Canada), a subsidiary of the global renewable energy leader, EDP Renewables. This acquisition, valued at approximately C$0.6 billion including investment tax credits, significantly bolsters CC&L Infrastructure’s renewable energy portfolio.

The Sharp Hills wind farm, located in southeastern Alberta, is one of the largest onshore wind facilities in Canada, with a capacity of about 300 megawatts (MW). This capacity is sufficient to generate clean energy for over 160,000 homes in Alberta. This investment increases CC&L Infrastructure’s total renewable energy capacity to over 1.8 gigawatts (GW) across Canada, the U.S., and Chile, with overall assets under management now topping $6 billion.

Matt O’Brien, President of CC&L Infrastructure, commented on the milestone, “This investment in Sharp Hills marks our first wind investment in Canada, further diversifying our infrastructure portfolio across sector and geography. We are pleased to once again be partnering with EDPR and look forward to owning and operating the Sharp Hills project together over the coming years.”

The Sharp Hills project reached full operational status in early 2024, following the completion of construction phases expected to wrap up by Q2 2024. The project operates under a 15-year power purchase agreement with a reputed high-quality counterparty, ensuring stable and reliable revenue streams. The construction phase significantly contributed to the local economy through job creation and community funding.

This acquisition marks CC&L Infrastructure’s second collaboration with EDP Renewables. Previously, the firm had purchased a 560 MW portfolio of U.S. wind and solar assets in 2020. Collectively, CC&L and EDPR now manage over 800 MW of operational renewable energy projects in Canada and the U.S.

EDPR will retain a minority equity interest in the Sharp Hills project and continue to manage and operate the facility. National Bank Financial Inc. served as financial advisor and Torys LLP as legal counsel to CC&L Infrastructure, while CIBC Capital Markets advised EDPR Canada.

The completion of this transaction not only enhances CC&L Infrastructure’s position in the renewable energy market but also supports Alberta’s clean energy goals. This strategic move signifies a robust commitment to sustainable energy and reflects the growing trend of significant investments in renewable resources globally.