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Greenbacker Acquires Colorado Solar Power Projects

Greenbacker Renewable Energy Company LLC, a climate-focused investment manager and independent power producer, announced the purchase, through a wholly owned subsidiary, of three solar projects totaling 12 megawatts of direct current in southwestern Colorado from OneEnergy Renewables.

Greenbacker currently owns several dozen solar energy projects, including one solar-plus-storage asset, in the state, representing more than 115 megawatts of direct current of solar energy projects, over 100 megawatts of direct current of which are operational.

Greenbacker says the acquisition comprises the Rocky Ford (2.6 megawatts of direct current), Totten (2.8 megawatts of direct current), and Montezuma (6.5 megawatts of direct current) solar facilities, all slated to enter into commercial operation in mid-2023. Each project has a long-term power purchase agreement in place with high-credit-quality utility co-op offtakes.

The projects are part of Greenbacker’s second portfolio-level acquisition with OneEnergy, a deal that also includes solar energy assets in Wisconsin, Maryland and Iowa. The first portfolio-level transaction encompassed a 24 megawatts of direct current portfolio of solar projects spanning eight sites in 2021, including four solar farms each in Minnesota and Wisconsin.

OneEnergy is a seasoned developer of both utility scale and community solar projects across the US. The company will continue to be involved with these three projects as the engineering, procurement and construction services provider.

Greenbacker’s clean energy projects comprises nearly 3.4 gigawatts of generating and storage capacity. Since 2016, Greenbacker’s real assets have produced over 7.4 million megawatt-hours of clean energy, abating more than 5.3 million metric tons of carbon.

Greenbacker Renewable Energy Company seeks to invest in projects that sell clean power under long-term contract to counterparties such as utilities, municipalities and corporations.

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