Cordelio Power Sells 49% Stake in Ontario Renewable Power Portfolio to Axium Infrastructure
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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.
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.
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", “confirm”, "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 outcomes of such events to differ from Cordelio’s expectation as of the date hereof. 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 forward-looking statements contained herein.