Independent power producer (IPP) Cordelio Power has secured a 900MWac pipeline of solar projects in New York and Pennsylvania from project developer SunEast Renewables.
Projects making up the portfolio are mainly located in New York, Cordelio said, with more than 600MWac backed by 20-year contracts with the New York State Energy Research Authority (NYSERDA).
Under the terms of the agreement, SunEast is to work with Cordelio on an exclusive basis to develop both the acquired projects and new renewable energy facilities throughout the US east coast.
The projects will bolster the renewables pipeline of Cordelio, which is wholly owned by Canada Pension Plan Investment Board, which stands at more than 7.5GW of wind, solar and energy storage projects across the US.
The deal marks Cordelio’s first foray into the New York solar market – tipped to be among the US’ most promising PV markets in the coming years – leading CEO John Carson to state the company is looking forward to “several years of growth” in the state.