Highlights
- Advances original partnership established in 2020
- Joint venture (JV) portfolio has expanded from 4.5 gigawatts (GW) to more than 18 GW in three years
- New JV structure intended to accelerate deployment of dispatchable and tailored renewable energy solutions across the Western U.S.
BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today (Nov 8) announced the evolution and expansion of its JV partnership with Cordelio Power to help accelerate and meet the growing demand for renewable power in the Western U.S.
Formed in 2020, this JV partnership brought BrightNight's 4.5 GW* of Western U.S. development projects at that time together with Cordelio's renewable expertise, with the original goal of growing the portfolio 50%. Today, the portfolio has grown to 30 projects constituting more than 18 GW of capacity across nine states.
The revised JV partnership structure has been updated to accommodate this rapid growth through adjusting the capital commitments to execute the JV's business plan, as well as enhanced strategic and economic alignment for both parties. BrightNight will continue to serve as the manager of the JV. Completing the revised JV is subject to certain conditions and expected to occur in the next 30 days.
"Cordelio has been an invaluable partner, providing not only financing and development experience, but also strategic input and support in building out our growing portfolio," Martin Hermann, CEO of BrightNight, said. "We have significantly exceeded our original growth objectives for this JV portfolio by 4X from 4.5 GW to more than 18 GW, which is a reflection on the success of our both teams working together successfully. This new JV structure will allow us to develop, build, and operate more projects with scale and speed, providing more renewable solutions for our customers and better returns for our investors. We are grateful to have such a strong partner in Cordelio and look forward to building on our already remarkable success."
"We have strongly appreciated our partnership with the BrightNight team, and their differentiated approach to development, their focus on our customers, and disciplined execution," said John Carson, Cordelio CEO. "We're pleased to refresh our joint venture with BrightNight to facilitate a more rapid buildout of our jointly-held portfolio."
ABOUT BRIGHTNIGHT
BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation. To learn more, visit: www.brightnightpower.com
ABOUT CORDELIO POWER
Cordelio is a renewable power producer that manages an operating portfolio of over 1,200 MW of renewable power assets in Canada and the U.S. We also oversee a large growth pipeline of wind, solar and storage projects across the U.S. We strive to work with all of our stakeholders in an efficient, safe, and environmentally responsible manner. Cordelio is wholly owned by Canada Pension Plan Investment Board.
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 and BrightNight's expectations as of the date hereof. Whether forward-looking statements ultimately prove to be accurate will depend on factors outside of the control of Cordelio and BrightNight. 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 and BrightNight disclaim any intent or obligation to update or to revise any of the included forward-looking statements.
*The original JV announced in 2020 listed BrightNight's portfolio at 2 GW, which excluded additional energy storage capacity. The revised 4.5 GW and current 18.5 GW portfolios reflect the adjustment for the inclusion of energy storage capacity.
