The projects are located primarily in New York, including over 600 MW AC 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 placed into service beginning in 2023.
“We are delighted to expand into these new markets with the SunEast team,” states John Carson, Cordelio’s CEO. “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 entered into an agreement to work with Cordelio on an exclusive basis to complete the development of the acquired projects and to develop new renewable power projects in New York and other eastern U.S. 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” says 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.”