El Dorado Hills, CA And Toronto, Canada /PRNewswire/ - 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.
- 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.
About Cordelio Power Inc.
Cordelio manages a 1,000+ MW renewable power generation portfolio that includes (i) a 396 MW portfolio of wind and solar projects in Ontario, and (ii) a 656 MW (net) wind and solar portfolio owned by Canada Pension Plan Investment Board ("CPP Investments") through a joint venture with a strategic partner. Cordelio is also actively building a development asset pipeline, including a recent 350 MW wind asset acquisition. Cordelio carries out its operations and growth activities by working with all stakeholders in an efficient, safe and environmentally responsible manner. Cordelio is based in Toronto, Ontario, and is wholly owned by CPP Investments, which has C$456.7B in net assets.
BrightNight's focus is to provide safe, reliable, highest value, lowest cost clean energy products and services to customers by first understanding their needs and then employing best-in-class engineering, technology, and commercial solutions. BrightNight was founded by Martin Hermann who was the founder and CEO of 8minutenergy, building a large GW-scale portfolio with innovative solar and storage projects during his 10-year tenure there. BrightNight is developing dispatchable renewable projects in fast growing regional markets in the US and in Asia and is comprised of energy professionals with a long and proven track record of delivering industry leading energy generation and energy storage solutions – having previously developed, operated and originated 20+ GW of energy assets globally and raised $10 billion in energy project financing. BrightNight is based out of El Dorado Hills, CA and is privately held and independently owned.
Forward Looking Statements & Information
Certain information contained in this news release constitutes forward-looking information or forward-looking statements (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward–looking statements. Forward–looking statements typically contain words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes, and include without limitation, all financial projections, estimates of future costs, and projected performance or results. Forward-looking statements by their nature are subject to risks, assumptions and uncertainties which may cause the actual outcomes of such events to differ from Cordelio's expectation as of the date hereof, and whether forward-looking statements ultimately prove to be accurate will depend on factors outside of the control of Cordelio. Readers are encouraged to undertake their own analysis and investigation as to the reasonableness of any such forward-looking statements. Forward-looking statements contained in this news release are made as at the date of this news release and Cordelio disclaims any intent or obligation to update or to revise any of the included forward-looking statements.