Weekly renewables M&A round-up (May 16-20)
May 20, 2022 17:01 CESTCordelio Power acquires 900-MW US solar pipeline from SunEast
Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.
January 20 (Renewables Now) - Toronto-based renewable power producer Cordelio Power, fully-owned by Canada Pension Plan Investment Board, has bought a 900-MW solar project pipeline in the US from SunEast Renewables LLC.
Cordelio Power said in a statement on Wednesday that it acquired projects mainly located in New York, but also some in Pennsylvania. The portfolio includes more than 600 MW of schemes that are fully contracted under 20-year deals with the New York State Energy Research Authority (NYSERDA).
The Canadian company will work exclusively alongside SunEast to conclude the development of the acquired projects, with plans to have the solar parks up and running in 2023. The pair also intends to develop new renewable power projects in New York and other eastern US markets.
"We look forward to several years of growth in New York and elsewhere as we advance the existing pipeline and originate new projects,” said John Carson, Cordelio's CEO.
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