Canadian renewable energy producer Cordelio Power, owned by Canada Pension Plan Investment Board (CPPIB), has acquired utility scale solar project pipeline of 900 MW AC in the US from solar developer SunEast Development LLC, for an undisclosed amount.
Of the portfolio acquired, more than 600 MW AC projects are fully contracted under 20-year agreements with the New York Energy Research Authority (NYSERDA) and sited in New York. Remaining capacity is at an early stage and spread across New York and Pennsylvania.
Entire portfolio is scheduled to come online in 2023 with SunEast to complete their development under a separate agreement signed. Cordelio also plans to further work with SunEast to develop new renewable energy projects in New York and other markets in eastern US.
"We look forward to several years of growth in New York and elsewhere as we advance the existing pipeline and originate new projects," said Cordelio's CEO John Carson. The company is already operating over 1.2 GW in Canada and the US, and claims to oversee a growth pipeline of more than 7.5 GW of wind, solar and storage projects in the US. This transaction with SunEast helps it expand its portfolio further in the market.
New York has major solar power expansion plans as in December 2021 NYSERDA and the New York State Department of Public Service (DPS) recommended the government to expand the state's distributed solar power capacity by 2030 to 10 GW under NY-Sun program, expanding it from 6 GW target for 2025 (see 10 GW Distributed Solar By 2030 For New York).
.png?w=50&fm=png){kind=logo}