Cordelio Power, a Canada-based renewable power producer that manages an operating portfolio of over 1,200 MW of renewable power assets in Canada and the US, announced this week it entered the market of New York after a strategic acquisition.
Firstly, the company acquired a 900-megawatts pipeline of utility-scale solar projects from SunEast Renewables LLC. The projects that Cordelio acquired have over 600MW of projects; contracted under 20-year agreements with the New York State Energy Research Authority (NYSERDA).
Moreover, the remainder of the portfolio consists of early-stage projects located in New York and Pennsylvania. Cordelio will put the projects into service beginning in 2023.
In addition, as part of the acquisition, SunEast has entered into an agreement to work with Cordelio on an exclusive basis. This, to complete the development of the projects; to develop new renewable power projects in New York and other eastern US markets.
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Cordelio Power expanding its US footprint
John Carson, Cordelio’s Chief Executive Officer said about the matter. “We are delighted to expand into these new markets with the SunEast team. We look forward to several years of growth in New York and elsewhere as we advance the existing pipeline and originate new projects.”
On the other hand, Tom Swank, President of SunEast, commented. “We are very excited about the opportunity to partner with Cordelio to efficiently transition SunEast’s portfolio of development assets into construction and operation.”
He also remarked. “Cordelio brings both the skill set and financial capability to complete development and build an operating portfolio of solar projects that will provide clean, sustainable, cost-effective renewable power to customers in our target markets.”
Finally, Cordelio has grown a pipeline of over 7,500 MW of wind, solar and storage projects spread across the US. Consequently, the acquisition sees its US footprint expanded substantially. Cordelio Power is a subsidiary of the Canada Pension Plan Investment Board.
