Renewables firm Pattern Energy has entered into a definitive agreement to acquire independent power producer (IPP) Cordelio Power.
The acquisition of Cordelio Power includes a portfolio of 1.5GW of operational and under-construction projects across the US and Canada, comprising 16 solar, wind and energy storage power plants. Pattern will also acquire the majority of the IPP’s wind and energy storage projects under development in the US, as well as the Cordelio team.
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Cordelio currently has operational assets in six US states, including Arizona, Arkansas, Colorado, Illinois, Missouri and Nevada, with other projects in development in other states, including 17 solar PV projects in the state of New York. Some of these projects secured a contract with the state of New York in 2024.
“Pattern’s acquisition of Cordelio represents a logical next step in strengthening a leading clean energy business, bringing together more resources and solutions to meet the growing energy demand across North America,” said Bill Rogers, managing director and the head of sustainable energies for Canada Pension Plan Investment Board (CPP Investments).
Cordelio Power is wholly owned by CPP Investments, which is also a majority shareholder of Pattern Energy. According to the companies, this share-based transaction will increase CPP Investments’ ownership stake in Pattern Energy upon closing.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
