Altus Power Acquires 105 MW of In-Construction Solar Projects from Cordelio Power, Strengthening Its Leadership in New York’s Clean Energy Market
Altus Power, a leading commercial-scale clean energy company, has announced the acquisition of 105 megawatts (MWdc) of in-construction solar assets from Cordelio Power, marking another significant milestone in the company’s strategy to scale its portfolio through the purchase of high-quality, late-stage renewable energy projects. The transaction underscores Altus Power’s role as a long-term owner and operator of solar assets and highlights its ability to partner with developers seeking to recycle capital and refocus on new growth opportunities.
The acquired portfolio consists of four ground-mounted solar projects located across New York State, one of the most active and strategically important clean energy markets in the United States. Each of the projects has secured a 20-year Renewable Energy Standard (RES) contract with the New York State Energy Research and Development Authority (NYSERDA), providing long-term revenue stability and ensuring the delivery of reliable, affordable clean energy to the state’s power grid.
This acquisition further reinforces Altus Power’s position as a preferred partner for developers and public agencies alike, capable of stepping in at critical stages of project development to ensure timely completion and long-term operational excellence. By focusing on in-construction and near-completion assets, Altus Power reduces development risk while accelerating the deployment of renewable energy capacity that supports grid stability, economic growth, and New York’s ambitious climate goals.
Strategic Expansion in a Core Market
New York already represents Altus Power’s largest and most established market. With the addition of these four projects, the company continues to deepen its footprint in the state, where it currently owns and operates approximately 65 solar projects totaling around 265 MW. Over the years, Altus Power has invested hundreds of millions of dollars in New York, demonstrating a long-term commitment to the state’s clean energy transition and to building durable partnerships with communities, customers, and policymakers.
The newly acquired projects are particularly aligned with Altus Power’s investment philosophy: late-stage, high-quality assets supported by strong contractual frameworks. The 20-year NYSERDA RES contracts provide predictable cash flows and price certainty, which are critical for sustaining long-term ownership and continued investment in operations, maintenance, and community engagement.
“New York continues to demonstrate how smart, long-term policy frameworks can unlock private investment and deliver power at scale,” said Matt Marlow, Co-Head of Investment & Structured Finance at Altus Power. “Working closely with Cordelio, our teams executed a seamless acquisition of approved, in-progress projects, demonstrating our ability to step in and advance development efficiently to deliver reliable, affordable power in support of NYSERDA’s mission.”
Supporting New York’s Climate and Energy Goals
The transaction takes place against the backdrop of New York’s nation-leading Climate Leadership and Community Protection Act (CLCPA), which mandates aggressive reductions in greenhouse gas emissions and a rapid expansion of renewable energy generation. Through programs like NYSERDA’s Renewable Energy Standard, the state has created a market-based framework that encourages private investment while ensuring that clean energy deployment remains cost-effective and reliable.
Under the RES program, renewable energy generators receive long-term contracts that support project financing and development, while ratepayers benefit from stable pricing and reduced exposure to fossil fuel volatility. These mechanisms have been instrumental in attracting experienced owners and operators such as Altus Power, who bring not only capital but also operational expertise and a long-term stewardship mindset.
Beyond emissions reductions, the projects are expected to contribute to local economic development across New York State. Solar construction and operations generate skilled jobs, increase local tax revenues, and provide lease income to landowners, creating tangible benefits for host communities. Altus Power has consistently emphasized community engagement and responsible development as core elements of its business model, ensuring that the growth of clean energy infrastructure aligns with local priorities.
A Strong Partnership with Cordelio Power
For Cordelio Power, the sale of the four in-construction projects represents a successful execution of its development strategy, which focuses on creating high-quality renewable energy assets and partnering with long-term owners to bring them to fruition.
“These projects reflect our focus on developing high-quality assets that deliver long-term value,” said Nick Karambelas, Chief Development Officer at Cordelio Power. “Altus Power’s operational expertise and long-term ownership approach make them a strong partner to take these projects forward. We’re proud of the work our team has done to advance these projects and look forward to seeing them contribute to New York’s clean energy future.”
The transaction highlights a growing trend in the renewable energy sector, where specialized developers and long-term asset owners collaborate to accelerate deployment. Developers like Cordelio Power can recycle capital into new projects, while owners like Altus Power expand their portfolios with de-risked assets supported by stable policy and contractual frameworks. This ecosystem plays a critical role in scaling renewable energy quickly and efficiently to meet rising demand.
National Scale and Long-Term Vision
Beyond New York, Altus Power has built one of the largest portfolios of commercial-scale distributed generation assets in the United States. The company owns and operates more than 1.3 gigawatts of solar capacity across over 600 projects in 30 states and the District of Columbia. Its portfolio includes community solar projects, commercial and industrial installations, and other distributed generation assets that serve a diverse range of customers.
This national scale enables Altus Power to leverage operational efficiencies, data-driven asset management, and deep market expertise. At the same time, the company remains focused on local execution, tailoring its approach to the regulatory, economic, and community dynamics of each market it serves.
The acquisition of the 105 MW New York portfolio aligns with Altus Power’s broader growth strategy, which emphasizes disciplined capital deployment, strong partnerships, and long-term value creation. As demand for clean, reliable power continues to grow—driven by electrification, data center expansion, and corporate sustainability commitments—Altus Power is positioning itself to play a central role in delivering solutions that benefit customers, communities, and the grid.
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