Californian renewable tech developer BrightNight and Canadian clean energy group Cordelio have formed a joint venture that will see the latter expand its US business with the help of the former’s planned projects.
The JV will combine BrightNight’s manufacturing with Cordelio’s financial scale to develop dispatchable and tailored renewable energy products such as storage capacity to utilities, cooperatives, and corporate clients, according to a statement from both businesses.
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As part of the agreement, Cordelio, which is owned by the Canada Pension Plan Investment Board, has acquired 10 projects that are under development in the western US for an undisclosed sum. The projects, according to BrightNight, have an estimated capacity of 2,000MW. The joint venture aims to raise this capacity to 3,000MW.
Storage has become an increasingly crucial piece of the puzzle as the US has brought more renewable energy onto the grid. Kelly Speakes-Backman, the chief executive of the Energy Storage Association in the US, told ESN that next year in particular will be “very important” for the renewables sector as Joe Biden assumes his role as President from January. She expects to see at least 3.6GW of storage to be installed next year, with 100GW to be installed by 2030.
John Carson, Cordelio’s chief executive, said that BrightNight brings “proven success in the solar and storage space” to the new business venture, which will enable both companies to “lead the industry's energy transition to more clean power” by integrating storage.
In addition to benefitting from Cordelio’s funding, BrightNight could use Cordelio’s experience with wind power production to develop future technology projects that will also have financial backing from the Canadian company.
Paul Caudill, BrightNight's chairman, said the JV is poised to deliver “superior value” to its 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,” said CEO Martin Hermann.
“We look forward [to] working with Cordelio's strong platform to build a large joint portfolio.”
Before founding BrightNight, Hermann launched solar-storage company 8minutenergy, which is now among the largest independent developers of solar photovoltaics in the US.