Cordelio Power Acquired by Pattern Energy

On April 2, 2026, Cordelio Power (“Cordelio”) was acquired by Pattern Energy Group (“Pattern Energy”). Cordelio is wholly owned by Canada Pension Plan Investment Board (“CPPIB”), and this share-based transaction will increase CPPIB’s ownership stake in Pattern Energy. Pattern Energy acquires a 1,550 megawatt operating and in construction portfolio of wind, solar, and storage projects in Canada and the United States, as well as the majority of Cordelio’s U.S. development pipeline and Cordelio’s team.

Cordelio, headquartered in Toronto, develops, builds and operates wind, energy storage and solar facilities, manages a 1,860‑megawatt operating portfolio across the United States and Canada, and has a U.S. development pipeline of over 18,000 megawatts.

Pattern Energy, based in San Francisco, develops and operates clean energy and transmission infrastructure projects across North America.

McCarthy Tétrault LLP advised CPPIB and Cordelio with a team led by Maxine Ethier that included Chanelle Bristol, Khristoff Browning, Mitchell Lui and Pegah Mortazavian (Corporate), Christopher Zawadski, Angela Oh, Kristin Dosen and Ian Mak (Project Finance), Scott Bell (Investments Regulatory), Kelleher Lynch and Julia Miller (Pensions and Benefits), Mike Dolson and Tyler Warchola (Tax), Brad Nicpon and Marie Doyle (Real Property), Margaret Gavins and Tim Lawson (Employment), Laura Weingarden and Selina Lee-Anderson (Environment), Ljuba Djurdjevic (Energy Regulatory), Conrad Lee (IT and Data Privacy), and Vincent Yip (Intellectual Property), Logan Dillon and Jacob McNair (Articling Students), Mehnaz Quadri, Leah Bedder and Sandra Belton (Corporate Clerks).