BrightNight has acquired Cordelio Power’s ownership interest in projects previously held in a joint venture.

Under the terms of the agreement, BrightNight will assume full ownership and control of 6 GW of projects from the joint venture’s development portfolio. The transaction positions BrightNight to independently advance, finance, construct, and operate its projects going forward and reflects the company’s long-term strategic focus and its commitment to customers in the West.

Under the joint venture, established in 2020, BrightNight and Cordelio Power had partnered to develop and commercialise large scale power projects totalling 15 GW of resources across key western markets. To date, the joint venture has brought 1.1 GW into operations or construction. The acquisition of Cordelio’s ownership interests, combined with the recent closing of an US$850 million corporate credit facility, underscores BrightNight’s strong financial position and the strategic role of M&A in driving its growth.

Martin Hermann, CEO of BrightNight, commented: “As we bring our joint venture to a close, we thank the Cordelio team for their years of collaboration and partnership. We are excited to leverage the success of this partnership across the West. We are now positioned to continue as a leader in the dispatchable clean energy space, both with our integrated solar and storage projects and our Energeist

TM

hybrid power systems to reliably connect large loads to the grid.”

Patrick Smith, VP Business Development and M&A, added: “This 6 GW transaction is one of the largest in the last 12 months and enhances BrightNight’s Western Interconnection presence, which includes active projects in Arizona, Oregon, Washington, Utah, California, Colorado, and Wyoming. BrightNight continues to grow through acquisitions like this one and delivering its own projects into operations. It also reinforces the company’s strategy of developing and operating large scale energy infrastructure sites that serve utilities, commercial, and industrial customers in the fastest-growing energy markets in the US.”

Stefan Bird, President of BrightNight, noted: “We are dedicated to helping our customers achieve their goals of affordability and reliability by delivering projects that maximise customer benefits and enable communities and businesses to grow and thrive. This transaction strengthens our ability to continue to meet our customers’ needs across the West with projects that are well positioned to deliver sustainable solutions in congested, rapidly growing energy markets.”

The BrightNight-Cordelio Power joint venture will retain four project-level assets:

BrightNight and Cordelio remain committed to delivering these projects on schedule and in alignment with existing contractual obligations. The company’s operational assets and other projects currently under construction in the eastern US will continue to be managed without disruption. The decoupling does not impact project-level agreements with customers, utilities, contractors, or financing partners.