Pattern Energy Group has agreed to acquire Cordelio Power in a share-based deal that will consolidate two North American renewables players under a single, expanded platform.
Under the definitive agreement, San Francisco-based Pattern Energy will acquire Cordelio’s 1,550 MW portfolio of operating and in-construction wind, solar and storage projects across Canada and the United States. The transaction also includes the majority of Cordelio’s U.S. wind and storage development pipeline in key target markets, as well as its team.
Cordelio, headquartered in Toronto, is wholly owned by CPP Investments, which is already the majority shareholder of Pattern Energy. The transaction will increase CPP Investments’ ownership stake in Pattern once the deal closes.
Cordelio develops, builds and operates wind, solar and energy storage projects, manages a 1,860 MW operating portfolio in the U.S. and Canada, and has a U.S. development pipeline of more than 18,000 MW.
Pattern Energy develops and operates clean energy and transmission infrastructure projects across North America. The company said the acquisition would significantly expand what it describes as one of the largest independent clean energy infrastructure platforms in the region.
“Today begins Pattern Energy’s next pivotal chapter in meeting North America’s rapidly growing energy demand,” Pattern Energy CEO Hunter Armistead said in a press release. “Cordelio brings a complementary portfolio of high-quality assets in attractive markets, supported by a strong and experienced team. This transaction will increase our presence and product offerings in the United States and Canada, and our ability to deliver the long-term, affordable and dependable infrastructure our customers expect as we fulfill our vision to Power the Future.”
“Pattern and Cordelio share a commitment to responsible development and the communities in which we work,” said Cordelio Power CEO Chris Hind. “We look forward to joining with Pattern Energy to deliver high-quality projects with expanded product offerings to support customers across more markets.”
“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, Head of Sustainable Energies for Canada Pension Plan Investment Board (CPP Investments). “We continue to see strong opportunities in the power sector that will drive long-term value to the CPP Fund.”
Osler Hoskin & Harcourt LLP and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal counsel to Pattern Energy, with Evercore Group L.L.C. as the exclusive financial advisor. McCarthy Tétrault LLP is serving as legal counsel to CPPIB and Cordelio Power. JPMorgan is acting as the financial advisor to Corderlio Power.
The deal is expected to close in the first quarter of 2026, subject to customary closing conditions.
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