TORONTO — Toronto-based Cordelio Power has announced the acquisition of two wind projects under development in central Illinois.
The Glacier Sands and Moraine Sands projects are expected to achieve commercial operation in 2021 and 2022, respectively, with over 350 megawatts of capacity, stated a July 7 release. The Glacier Sands project is under contract for a portion of its output for 14 years.
The two projects were acquired from Swift Current Energy, which will work with Cordelio to advance the projects under a development services agreement.
“We are pleased to start the next phase of our growth, and to be working with the Swift Current team,” said Nick Karambelas, Cordelio’s COO, in a statement. “These projects represent our opportunity to help Illinois meet its clean power goals while making a positive impact on Mason County and its local communities.”
“The Swift Current Energy team is excited to have Cordelio Power acquire these high impact wind projects,” said Matt Birchby, a partner at Swift Current. “We look forward to working closely with Cordelio on these projects to bring clean, home-grown energy, and the good jobs and economic opportunity that come with them, to Illinois.”
Swift Current was advised in the transaction by KeyBanc Capital Markets Inc.
Cordelio manages a 1,000-plus megawatt renewable power generation portfolio that includes direct ownership of a 396-megawatt portfolio of wind and solar projects in Ontario, and a 656-megawatt portfolio investment owned by the Canada Pension Plan Investment Board through a joint venture with a strategic partner.