On January 6, 2026, Cordelio Power ("Cordelio") and Pattern Energy Group ("Pattern Energy") announced they have entered into a definitive agreement for Pattern Energy to acquire Cordelio. 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 upon closing. Pattern Energy will acquire 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. wind and storage development projects and Cordelio's team. The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
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 and Khristoff Browning (Corporate), Christopher Zawadski and Angela Oh (Project Finance), Scott Bell, 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).