Renewable power producers BrightNight and Cordelio Power have chosen to bolster their collaborative efforts, expanding their joint venture partnership as they exceed their initial targets in their mission to drive further dispatchable projects across the western United States.
The existing joint venture boasts a robust portfolio of 30 projects, totaling more than 18 GW of capacity spread across nine US states, including the notable Box Canyon site in Pinal County, Arizona. This partnership, initially launched in late 2020 with an initial 4.5 GW of projects, including energy storage, set an ambitious goal of achieving 50% growth.
BrightNight and Cordelio have recently restructured the terms of their agreement to refine capital commitments and economic arrangements for both parties involved. The managerial role of BrightNight within the joint venture remains unaltered, as highlighted in a statement released today.
Three years ago, these two industry leaders came together, bringing together the expertise of US-based BrightNight in developing, constructing, and operating utility-scale solar and storage projects, and the prowess of Canada's Cordelio in executing and financing renewable power projects. Cordelio also brings its experience in wind energy into the partnership, with an eye on potential multi-technology projects in the future.
At the outset, the joint venture encompassed a development pipeline of 10 projects with a planned nameplate capacity of 2 GW, all originated and contributed by BrightNight, excluding any additional energy storage capacity.