Toronto, Ontario (June 1, 2023): 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.
About Cordelio Power
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.
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