Cordelio Power Completes Financing for 185 MW Glacier Sands Wind Project
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Cordelio Power is pleased to announce the completion of project financing for the Glacier Sands wind project in Mason County, Illinois. This construction-period financing was coordinated by Rabobank and provided by affiliates of Rabobank, Bank of Montreal, National Bank of Canada, and MUFG. Upon completion of construction, which is expected later this year, this construction-period facility will convert into a term loan.
The loans are supported by a tax equity commitment from a subsidiary of Berkshire Hathaway Energy, which will be funded when the project achieves commercial operations.
Cordelio expects to complete construction for the Glacier Sands project in October. The project will sell 100% of its renewable energy under a 15-year agreement with Microsoft Corporation.
“The Cordelio team is pleased to take this next step in building our midwestern renewables base,” said John Carson, Cordelio’s Chief Executive Officer. “Our thanks go out to the Mason County community, Microsoft, our lender group, and our project partners Berkshire Hathaway Energy and Swift Current Energy.”
About Cordelio Power Inc.
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 over 4,500 MW of wind, solar and storage projects in the western and midwestern US, including the Glacier Sands project. 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.
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.