Canada-based renewable energy company Cordelio Power has announced the acquisition of a 900MWac pipeline of utility-scale solar projects, most of which are located in New York.
The company has acquired the portfolio from solar energy development firm SunEast Renewables for an undisclosed sum.
As part of the deal, Cordelio Power has received more than 600MWac worth of projects that are fully contracted with the New York State Energy Research Authority (NYSERDA) for a 20-year period.
The remaining 300MWac is from early-stage projects situated in Pennsylvania and New York.
The projects are expected to come online in 2023.
Cordelio CEO John Carson said: “We are delighted to expand into these new markets with the SunEast team.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“We look forward to several years of growth in New York and elsewhere as we advance the existing pipeline and originate new projects.”
SunEast has agreed to work with Cordelio to complete the projects that are included in the deal, as well as to develop new renewable power projects in New York and other eastern US markets.
Established in 2018, SunEast has built 1GWac of solar power capacity in New York, Pennsylvania and Maryland to date.
The company was founded as a partnership between SunEast Development and Alliance Fund II.
SunEast Development president Tom Swank said: “We are very excited about the opportunity to partner with Cordelio to efficiently transition SunEast’s portfolio of development assets into construction and operation.
“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.”
In July 2020, Cordelio acquired two wind farms in central Illinois, with a nameplate capacity of more than 350MW, from Swift Current Energy.