Cordelio Power has announced the commercial operation of its Winfield solar project, located in Lincoln County, Missouri, with an installed capacity of 150 megawatts (MW) alternating current. This is the company’s first project in the state, where it is developing several others.
A 15-year power purchase agreement signed with Microsoft
All electricity generated by the site will be sold to Microsoft Corporation under a 15-year Power Purchase Agreement (PPA). This contract provides long-term revenue visibility for the project. Cordelio Power acquired the project in late 2020 from Dakota Renewable Energy LLC, a joint venture between Dakota Power Partners LLC and Eolian LP, which began site development in 2017.
The project was designed and built by Qcells, which provided Engineering, Procurement and Construction (EPC) services as well as solar modules, including those manufactured at its Georgia facility. The full integration of EPC services and module supply by Qcells helped streamline the construction timeline and entry into operations.
$313mn structured financing led by multiple financial institutions
Cordelio secured structured financing for the project, including a $207mn construction loan and a $106mn term loan. The financing was led by a banking consortium including MUFG, National Bank of Canada, SMBC and Rabobank. Additionally, Fifth Third Bank provided tax equity investment, while a third party acquired a portion of the investment tax credits.
Law firm Latham & Watkins acted as legal advisor to Cordelio for the acquisition and financing transactions, while Marathon Capital advised on the sale of tax credits.
Strategic positioning in the U.S. solar energy market
With the Winfield project, Cordelio Power strengthens its footprint in the United States, particularly in a state like Missouri, where large-scale solar developments remain limited. The company continues to expand its U.S. portfolio through a targeted growth strategy focused on assets secured by long-term corporate power contracts.
According to its Chief Executive Officer, Cordelio Power plans to intensify its efforts in the region, supported by recurring financial partnerships and electricity purchase agreements that provide revenue stability for institutional investors.
