Project Financing Completed with U.S. Bank and Key Relationship Lenders
NEW YORK, Nov. 18, 2025 /PRNewswire/ – Cordelio Power’s 135 MW Crossover Wind project in Cross County, Arkansas has achieved commercial operations.
“We are proud to announce that Crossover Wind is now generating electricity as the first utility-scale wind project in the state of Arkansas,” said Nick Karambelas, Chief Development Officer of Cordelio Power.
Crossover Wind will make payments of approximately $950,000 per year to Cross County and over $50 million in total to local landowners throughout the project’s lifetime. The project will sell 100% of its power to Microsoft under a 20-year contract.
“Cordelio is committed to working with local communities within Arkansas to create economic growth and reliable electricity and Crossover marks an important milestone as we advance additional projects across the state. We’re especially thankful for the strong collaboration from Cross County officials, landowners, and the broader community, which has been instrumental in bringing this project to life,” Karambelas added.
Crossover Wind was constructed by M.A. Mortenson company under a full-wrap EPC contract. Vestas supplied their U.S. manufactured V163-4.5 MW wind turbines to the Crossover project and will also provide turbine operations and maintenance services to the project under a long-term service agreement.
“We are very pleased to complete our third U.S wind project with Vestas and are excited by the opportunities the V163 platform presents for our portfolio,” said Paul Rapp, Cordelio’s Chief Operating Officer.
Cordelio also completed project financing for the Crossover project with lenders SMBC, Credit Agricole Corporate and Investment Bank, National Bank of Canada, Royal Bank of Canada, and BMO providing a $375 million construction loan facility and a $173 million term loan facility.
U.S. Bank partnered with Cordelio to support Crossover, completing a $263 million tax equity investment.
“Our tax equity investment in the Crossover wind project is an example of how we provide custom financing solutions that help our clients build much-needed energy generation across the country,” said Jon Peeples, managing director of environmental finance for U.S. Bancorp Impact Finance. “We’re proud to support Cordelio as they expand sources of renewable energy, strengthen the energy grid and drive local job creation.”
Cordelio acquired the Crossover wind project in late 2023 from Steelhead Americas, Vestas’ North American development arm, which began development of the site in 2020. Latham & Watkins advised Cordelio on legal matters for these transactions.
About Cordelio Power
Cordelio is an independent power producer that develops, builds and operates wind, energy storage and solar facilities. Cordelio manages a 1,860 MW operating portfolio across the United States and Canada and a US development growth pipeline of over 18,000 MW of projects. 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.
Forward Looking Statements & Information
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