Cordelio Power, a renewable power producer, acquired a 900 MW pipeline of utility-scale solar projects from SunEast Renewables, a solar project developer.
The projects are located primarily in New York, including over 600 MW of projects fully contracted under 20-year agreements with the New York State Energy Research Authority (NYSERDA). The remainder of the portfolio comprises early-stage projects located in New York and Pennsylvania. Cordelio expects the projects to be commissioned by 2023.
“We are delighted to expand into these new markets with the SunEast team,” said John Carson, Cordelio’s Chief Executive Officer. “We look forward to several years of growth in New York and elsewhere as we advance the existing pipeline and originate new projects.”
In connection with the acquisition, SunEast has agreed with Cordelio to develop the acquired projects and new renewable power projects in New York and other eastern US markets.
“We are very excited about the opportunity to partner with Cordelio to efficiently transition SunEast’s portfolio of development assets into construction and operation,” said Tom Swank, President of SunEast Development.
“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,” added Tom Swank.
In January 2021, Cordelio Power and Axium Infrastructure announced that Axium had purchased a 49% interest in Cordelio’s Ontario renewable portfolio. Cordelio will continue to manage the Denfield assets for the newly formed partnership. The 396 MW Denfield portfolio includes four wind projects and two solar projects located in southwestern Ontario.
According to Mercom’s recently published annual and Q4 2021 solar funding and M&A report, in 2021, the solar sector saw the most project acquisition activity in terms of gigawatts, with more than 69 GW changing hands compared to 40 GW in 2020. There were 280 large-scale solar project acquisitions in 2021 compared to 231 transactions in 2020.