Middle-market infrastructure investor Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) announced the acquisition of a US-based renewable power portfolio from Renewable energy company EDP Renováveis (EDPR) in a $676 million deal. The portfolio consists of over 560 MW of generating capacity including 4 wind farms currently in operation and a solar project expected to begin operations in 2021. The assets are located across several states, including Indiana, Wisconsin, Oklahoma, and Ohio. EDPR has retained a 20% interest in the portfolio.

CC&L Infrastructure acquired the assets along with partners Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company (together, Desjardins Group). The transaction will bring CC&L Infrastructure’s renewable power portfolio to 1,400 MW globally, with more than 1,000 MW in operation.

Matt O’Brien, President of CC&L Infrastructure, said:

“This investment leverages our extensive experience as a leading owner and operator of renewable power assets in Canada and achieves an exciting milestone for our business by extending the capacity of our renewable power portfolio past a gigawatt globally. We are very pleased to acquire these assets alongside our investment partner, Desjardins Group, and we look forward to working alongside EDPR, a leading global renewable energy company focused on value creation, innovation, and sustainability, in the ongoing operation of the facilities.”

EDPR entered the transaction as part of the firm’s planned divestment program. In March 2019, the company announced plans to sell €4 billion of assets between 2019-2022 in order to accelerate value creation, and to reinvest in accretive growth. Including the current transaction, EDPR has reached more than 55% of its goal.