BrightNight and Cordelio Power to Partner on Dispatchable Renewable Power Plants

Cordelio Power ("Cordelio") and BrightNight are pleased to announce a new partnership to develop dispatchable renewable power projects in the western United States. The focus of the joint venture is to bring clean, reliable, and highest-value energy and capacity solutions to customers while providing long-term economic benefits to local communities.

Transaction Highlights:

  • Customer Focus: Utilizing advanced technology, the joint venture will deliver dispatchable and tailored renewable energy products, including energy storage, at the lowest cost to utilities, cooperatives, and corporate and institutional customers.
  • Large Development Pipeline: The joint venture owns a development pipeline of ten projects in the western United States with a projected nameplate capacity of 2,000 MW, which were originated and contributed by BrightNight. The joint venture intends to grow the portfolio to more than 3,000 MW of dispatchable renewable power plants.
  • Combined Expertise: BrightNight's proven expertise in the development, construction and operation of utility-scale solar and storage projects complements Cordelio's successful history of renewable power project execution and financing, in addition to Cordelio's expertise in wind energy for potential future multi-technology projects. Together, BrightNight and Cordelio will provide a one-stop renewable development solution – from ideation to development, financing and construction, operations and maintenance.
  • Strong Financial Backing: Cordelio will fund the joint venture's activities and plans to own all projects completed by the joint venture. Cordelio is wholly owned by Canada Pension Plan Investment Board.

"Cordelio Power is extremely pleased to join forces with a best-in-class developer," said John Carson, Cordelio's Chief Executive Officer. "The BrightNight team brings proven success in the solar and storage space, and together we are now poised to lead the industry's energy transition to more clean power through the integration of energy storage."

Paul Caudill, BrightNight's Chairman said: "We are extremely delighted to combine BrightNight's strong focus on delivering best-in-class projects with Cordelio's execution skills and financial scalability. This joint venture is positioned to deliver superior value to its offtake customers."

"BrightNight has built a unique capability to provide innovative, firm, load-following renewable products, like structured shapes or full requirements energy and at industry-leading prices. We look forward working with Cordelio's strong platform to build a large joint portfolio," said Martin Hermann, BrightNight's CEO.

Source: BrightNight
Date: Dec 1, 2020