Associate – Finance

From vision to voltage: Pattern Energy's growth in Canada. Published October 6th, 2026 CPP Investments manages approximately $119.2 billion in assets across Canada. Its holdings span hundreds of companies in sectors including technology, financial services, natural resources, renewables, and infrastructure. This article is the latest in Mapping Canadian Capital, a series from the CPP Investments Insights Institute. Each installment spotlights an investment from CPP Investments' Canadian portfolio, offering insight into how a major global investor approaches long-term partnership, value creation, and the complexities of investing in an evolving economic landscape. Since 2011, the St. Joseph Wind project has harvested the steady winds that blow across southern Manitoba's flat terrain. The project began with a vision from local leaders, who selected Pattern Energy to bring it to life. Today, it meets the energy needs of about 120,000 Canadians annually. One of Pattern's early milestones in Canada, it helped establish the company as a trusted partner in community-led renewable energy development. Building energy infrastructure at scale, however, takes more than financing and developing one project at a time. It takes patient capital to build the people, capabilities and relationships that can turn ambitious projects into operating assets and do it repeatedly. For Pattern, that patient capital has come in part from CPP Investments. Since 2020, CPP Investments' long-term capital and strategic investment have supported the company's growth, innovation and ability to deliver renewable energy at scale in Canada and beyond. "CPP Investments has been a key partner in Pattern's evolution, bringing not just capital, but conviction as we work towards a more reliable and decarbonized electric grid," said Hunter Armistead, CEO at Pattern Energy. "Its long-term approach and alignment with our values have enabled us to scale responsibly, invest in transformative projects, and deliver lasting impact across North America." Today, Pattern operates over 2,100 MW of wind power across 16 assets in five provinces - Ontario, Manitoba, Alberta, Quebec and British Columbia. In Ontario, Pattern is one of the largest owners and operators of utility-scale wind projects with about a 30% market share. In April 2026, Pattern acquired Cordelio Power, an independent power producer in Canada and the United States. Through the deal, Pattern gains approximately 1,550 MW of operating and in-construction assets, including 16 wind, solar, and energy storage projects across Canada and the U.S. And there's more to come. Pattern is currently developing more than 6,000 MW of new renewable energy projects in Canada across six provinces. Scaling clean power with long-term capital. The story of Pattern's growth isn't just about megawatts and maps. It's about vision, people, and patient capital. Since its inception in 2009, the company has established itself as a major player in the clean energy transition - both in Canada and across North America. With an impressive track record of identifying and delivering successful projects, Pattern listed on the NASDAQ and Toronto Stock Exchange in 2013, becoming the first wind company to go public. By the time CPP Investments provided its initial investment in 2020, Pattern had an impressive portfolio of 28 renewable energy projects in the United States, Canada, and Japan. CPP Investments acquired 100% of the public company for $3.97 billion as part of a take-private transaction, and then merged it with Pattern's private development arm, taking a majority stake in the newly combined platform. Key to the decision? Pattern's scale and the talent of its management team. These elements made it a compelling opportunity - and a strong strategic fit for CPP Investments, which views the global transition to net zero as a chance to deploy capital in ways that reduce real world emissions while delivering long term value. "In Pattern, we saw a top-tier team and an attractive investment opportunity," said Edwina Kelly, CPP Investments' Managing Director and Head of Sustainable Energies for North America. "It aligned perfectly with CPP Investments' strategy to invest in an experienced, large-scale renewables platform with full-cycle capabilities in wind, solar and transmission." As Pattern continues to grow in the fast-changing renewables market, CPP Investments remains a steady partner, providing long-term capital and strategic insight. Indeed, in 2023, CPP Investments supported Pattern's successful exit from the Japanese market, where it had operated for eight years. "The Pattern management team had built a significant pipeline of opportunities in North America, so the time was right to focus the business there," said Kelly. "The exit from Japan allowed Pattern to concentrate its resources on that growing North American platform." Deep commitments to community. Pattern has operated in Canada for more than 15 years, employing more than 110 people and engaging more than 4,800 Canadians in the construction of its projects. It is now the largest investment in CPP Investments' Sustainable Energies Group, which is responsible for managing the Fund's global portfolio of energy assets. Notably, four Pattern facilities in Canada are direct partnerships with Indigenous communities. At Henvey Inlet, Pattern and the Henvey Inlet First Nation jointly developed and now operate a major wind project and 104 km transmission line. Since starting operations in 2019, the project has met the energy needs of about 250,000 people in Ontario annually. At Meikle Wind, the largest wind facility in British Columbia, over 20% of contract value during construction was awarded to First Nation-affiliated contractors, while Benefit Agreements with Treaty 8 nations contain cultural, educational and environmental commitments. "Pattern's success in Canada is rooted in the relationships we've built with communities across the country," said Armistead. "From First Nations partnerships to rural communities, we've learned that trust is earned through transparency, respect and shared benefit. We remain committed to deepening those partnerships as we grow our presence in Canada's clean energy future." The company also supports a range of local initiatives - from youth education and training to environmental stewardship and cultural events - that reflect its long-term commitment to the communities where it operates. Powering the next chapter. The scale of Pattern's development platform is perhaps most visible in SunZia. In June 2026, Pattern successfully brought SunZia online, the largest clean energy infrastructure project in the history of the United States. The project combines large-scale wind generation in New Mexico with more than 500 miles of transmission infrastructure to carry that electricity west to Arizona. From there, it can supply more densely populated regions, like the American Southwest and California, with much needed renewable energy. With more than 3650 MW of capacity, SunZia can supply enough electricity to meet the annual needs of approximately one million homes. Indeed, the extra capacity will offer people and businesses relief from rolling blackouts that have struck during summer heatwaves. "2026 represents a new chapter for Pattern," Kelly said. "We are proud that SunZia is fully operational and look forward to new growth and continued value creation on Pattern's substantial operating portfolio." Why CPP Investments backed Pattern Energy. * Scalable pipeline and geographic reach: A 28-project portfolio across three continents at acquisition. * Proven development and operating platform: Pattern has full-cycle capabilities in wind, solar, and transmission - enabling it to deliver complex renewable infrastructure at scale. * Meaningful presence in Canada: Deep relationships with Indigenous communities, local governments, and partners resonates with CPP Investments' commitment to responsible investing. * Long term investment fit: Pattern offered CPP Investments direct exposure to real assets with stable cash flows and long-term growth potential. * Experienced management team: Pattern's leadership brings a track record of disciplined execution, project delivery, and stakeholder engagement - key to de-risking large infrastructure investments.

The states driving america's clean power boom. Title: the states driving america's clean power boom. By Sean Chung Halfway through 2026, the clean power industry has demonstrated that clean energy is here to stay - solar, wind, and battery storage will play a leading role in an era of rising electric demand. Developers energized a record-breaking 17.1 GW of new clean power capacity during the second quarter, pushing H1 installations to 23.9 GW (enough to power over 4 million homes!). Even as the industry faces policy uncertainty, the pipeline of development-stage projects has risen to 205 GW, a new high. A historic project led the way this quarter: Pattern Energy's 3.65 GW SunZia Wind project, which was announced operational at ACP's CLEANPOWER Conference in June. Over 18 years in the making, SunZia is the largest land-based wind project in U.S. history, and 4x the size of the second largest wind project. A 550-mile high-voltage transmission line connects 916 wind turbines in New Mexico to the CAISO grid, delivering low-cost wind energy to communities in Arizona and California. Not only is SunZia boosting clean power generation in the West, it is also expected to generate $20.5 billion in economic benefits over the lifetime of the project. The 2,000 construction jobs and 100 permanent jobs, along with $1.3 billion in annual payments to local governments and landowners, will serve as a massive economic driver in the region. The deployment of wind turbines manufactured in the U.S. by GE Vernova and Vestas supports the domestic supply chain and manufacturing jobs. New Mexico isn't the only state worth celebrating this quarter. Over 33 states have more than 1 GW of clean power projects in development. States like Kentucky and Tennessee, late-adopters of clean energy, have more than enough projects in development to double their operational capacity over the next few years. Utilities and C&I buyers across the nation are investing aggressively to bring clean power projects online as soon as possible. Clean Power Projects in the Pipeline During Q2, Cypress Creek Energy and Google announced one of the largest power purchase agreements in history, 1.6 GWdc of solar and 1.9 GWh of battery storage from the Steel River Energy Center in Arkansas. Since acquiring Intersect earlier in the year, Google also broke ground on the more than one gigawatt Meitner Energy Center in Texas. In Michigan, DTE Energy and Oracle inked an agreement to deploy 1.5 GW of battery storage systems manufactured by LG Energy Solution Vertech over the next few years. Offtake Announcements Over Time As the industry builds across the U.S., companies are creating jobs, reviving U.S. manufacturing, funding local governments, and supporting farmers with drought-proof lease payments, all while delivering reliable, low-cost electricity to communities.