Connor, Clark & Lunn Infrastructure agreed in February 2024 to buy 80 percent of the Sharp Hills wind farm in Alberta from EDP Renewables for an enterprise value of CAD 600 million. Two months later the deal closed at an estimated CAD 700 million. The wind farm had not grown in between. Something else had.
Key takeaways
- Connor, Clark & Lunn Infrastructure (CC&L) announced on 14 February 2024 an agreement to acquire an 80 percent stake in the 297 MW Sharp Hills onshore wind farm in southeastern Alberta, Canada, from EDP Renewables.
- The transaction was announced at an enterprise value of CAD 600 million (about $444.36 million), inclusive of investment tax credits, and completed on 18 April 2024 at an estimated enterprise value of CAD 700 million ($518.42 million).
- Sharp Hills sells its power to TC Energy under a 15-year PPA signed in 2021, after EDP Renewables asked to end the Renewable Energy Support Agreement it won from the Alberta Electric System Operator in 2017 at a capacity-weighted average strike price of $27.40 per MWh.
- Leap records the deal at $1.75 million per MW against the full 297 MW; if the $518.42 million prices the 80 percent stake alone, the implied value for 100 percent of the wind farm is about $2.18 million per MW.
- Enerdatics records 16 Canadian wind M&A transactions announced between January 2023 and December 2025, of which eight carry a disclosed value.
How did Sharp Hills get from a government contract to a corporate one?
It traded one for the other before it was built. In 2017 the project won a Renewable Energy Support Agreement, or RESA, under Alberta's Renewable Electricity Program. A RESA is a government-backed contract that tops up or claws back revenue around a fixed strike price. Sharp Hills secured a capacity-weighted average strike of $27.40 per MWh.
EDP Renewables later asked to terminate that agreement early so it could sign a corporate PPA instead. The PPA, with TC Energy, was signed in 2021 and runs for 15 years. Leap's record does not give the PPA price, so the trade cannot be measured directly. What the sequence suggests is that the owner saw more value in a corporate contract than in the low strike it had locked in four years earlier.
What happened between signing and closing?
The wind farm switched on. CC&L announced the agreement on 14 February 2024, the same month Sharp Hills began commercial operations. EDP Renewables expected full completion in the second quarter of 2024. The deal completed on 18 April 2024.
The announced enterprise value was CAD 600 million, about $444.36 million, and Leap notes that it included investment tax credits. At completion Leap records an estimated enterprise value of CAD 700 million, or $518.42 million. That is CAD 100 million, or about 17 percent, more than the headline at signing.
Leap's record does not attribute the increase. It does show the timing. The buyer signed while the turbines were starting up and paid at closing for a wind farm much closer to finished. Sharp Hills has 67 Vestas V150 turbines: 45 rated at 4.5 MW and 22 rated at 4.3 MW. It covers 35,000 acres of private land and can supply the equivalent consumption of about 160,000 Alberta homes.
What is Sharp Hills worth per MW?
It depends on what the enterprise value covers. Leap's structured value of $518.42 million divided by 297 MW gives $1.75 million per MW. That calculation treats the price as if it bought the whole wind farm. CC&L bought 80 percent, and EDP Renewables kept a minority interest and continues to operate the asset.
If the $518.42 million is the price of the 80 percent stake, the stake covers about 237.6 MW and the implied value of the whole project is about $2.18 million per MW. On the same basis the CAD 600 million at signing implied about $1.87 million per MW. Which reading is right depends on whether the disclosed enterprise value described the stake or the whole asset, and the record does not settle that. The gap between the two readings is wider than the gap between Sharp Hills and its nearest comparable.
Enerdatics records 16 Canadian wind M&A transactions announced between January 2023 and December 2025, and only eight carry a disclosed value. Several of those are corporate takeovers or development sales that cannot be compared per MW with an operating wind farm. The closest comparable is Axium Infrastructure's purchase of 49 percent of Capital Power's 246 MW operating wind portfolio in November 2024 for $243.42 million, which grosses up to about $2.02 million per MW for the whole portfolio. Sharp Hills sits below that at $1.75 million per MW as recorded, and above it at $2.18 million per MW grossed up. Atlantica Sustainable Infrastructure's August 2025 purchase of 75.96 percent of a roughly 1 GW Statkraft portfolio for $242.4 million grosses up to about $0.31 million per MW, a different kind of asset base entirely.
What does the Sharp Hills deal signal for Canadian wind?
For the seller it is a familiar move. EDP Renewables builds projects, sells a majority stake once they are running and keeps a minority with the operating role. It did the same with an 80 percent stake in three US solar parks, as covered in Enerdatics' analysis of EDP's asset rotation sale to Plenitude. It has rotated operating wind before too, as with its Spanish wind farms sold to Verbund.
For the buyer it is a repeat relationship. CC&L had already bought a solar and wind portfolio from EDP in the US in 2020. After Sharp Hills, Leap records that CC&L held more than 1.8 GW, including about 600 MW of wind across Canada, the US and Chile. It kept buying Canadian wind afterwards: Leap records its agreement for a 329 MW wind portfolio from Pattern Energy in January 2025 and a 49 percent stake in about 235.5 MW of NextEra Energy wind in September 2025.
The Alberta market around it is active at the development end as well, as Westbridge's Alberta solar exit showed. What Sharp Hills adds is a reminder that a disclosed enterprise value is only half a number until the stake it describes is clear.
Frequently asked questions
Who bought Sharp Hills wind farm?Connor, Clark & Lunn Infrastructure, a subsidiary of Connor, Clark & Lunn Financial Group, acquired an 80 percent stake from EDP Renewables Canada. The deal was announced on 14 February 2024 and completed on 18 April 2024.
How much did CC&L pay for Sharp Hills?The deal was announced at an enterprise value of CAD 600 million (about $444.36 million), including investment tax credits, and completed at an estimated CAD 700 million ($518.42 million).
Who advised on the Sharp Hills sale?National Bank Financial was financial advisor and Torys LLP legal advisor to CC&L. CIBC Capital Markets was financial advisor to EDP Renewables Canada.
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