Cordelio Power Completes Financing for Moraine Sands Wind Project
TORONTO, June 1, 2023 /CNW/ - Cordelio Power is pleased to announce the completion of a construction loan facility and tax equity commitment for the Moraine Sands wind project, which is located in Mason County, Illinois, holding a nameplate capacity of 171 MW. The project will sell 100% of its power under a long-term agreement with Microsoft Corporation.
The $301 million construction loan facility was provided by affiliates of MUFG, National Bank of Canada, Bank of Montreal, and Export Development Canada. A portion of this facility will convert into a term loan when the project begins commercial operations.
The loan facility is supported by a $157 million tax equity commitment from JPMorgan Chase & Co., which will also fund when the project begins operating.
"I'd like to thank Microsoft, our relationship lenders and our new partner, JPMorgan, for joining us on this important project," said Nick Karambelas, Cordelio's Chief Commercial Officer. "We also look forward to a strong, long-term relationship with the residents of Mason County, who now host two of our projects."
Cordelio expects to complete construction of Moraine Sands later this year.
Cordelio is a renewable power producer that manages an operating portfolio of over 1,200 MW of renewable power assets in Canada and the USA. We also oversee a growth pipeline of over 18,000 MW of wind, solar and storage projects spread across the USA. We strive to work with all of our stakeholders in an efficient, safe and environmentally responsible manner. Cordelio is wholly owned by Canada Pension Plan Investment Board.
Certain information contained in this news release constitutes forward-looking information or forward-looking statements (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward–looking statements. Forward–looking statements typically contain words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes, and include, without limitation, all financial projections, estimates of future costs, and projected performance or results. Forward-looking statements by their nature are subject to risks, assumptions and uncertainties which may cause the actual outcomes of such events to differ from Cordelio's expectation as of the date hereof. Whether forward-looking statements ultimately prove to be accurate will depend on factors outside of the control of Cordelio. Readers are encouraged to undertake their own analysis and investigation as to the reasonableness of any such forward-looking statements. Forward-looking statements contained in this news release are made as at the date of this news release and Cordelio disclaims any intent or obligation to update or to revise any of the included forward-looking statements.
SOURCE Cordelio Power
Ajay Sharma, Vice President, 647-201-2546, Email: [email protected], www.cordeliopower.com
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