Greenbacker Acquires Three New York Solar Projects
The company says that when it’s completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers’ access to cheaper solar power.
Greenbacker Capital Management, an asset manager and sponsor of investment vehicles focused on renewable energy, has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings.
The company says that when it’s completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers’ access to cheaper solar power.
Construction on the projects is scheduled to begin in early 2023, with commercial operation expected by the end of that year. Greenbacker says that with a combined clean power–generation capacity of 8.7 megawatts (DC), the portfolio will supply New Yorkers with enough cost-effective renewable energy to power an average of 1653 homes a year.
Two of the projects are set to participate in the “Solar For All” program, a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.
“Equitable access to solar power is critical to a sustainable energy transition, and we’re delighted that Greenbacker’s third community solar collaboration with ReneSola will help provide that access, particularly in our own neck of the woods,” said Mehul Mehta, chief investment officer at Greenbacker. “We look forward to continuing our successful track record and bringing more new solar power to the grid together.”
The transaction is the most recent in a history of clean energy partnerships between Greenbacker, its affiliates and ReneSola.
“We are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,” said John Ewen, chief executive officer of ReneSola North America. “ReneSola shares Greenbacker’s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic.”
Since 2017, Greenbacker Renewable Energy Company has purchased a North Carolina solar farm, three solar energy projects in Utah and four Maine community solar assets from ReneSola.
Greenbacker’s fleet of sustainable infrastructure projects comprises more than 2.9 gigawatts of generating capacity. The company said that since 2016, its real assets have produced more than 4.9 million megawatt-hours of clean energy, abating nearly 3.5 million metric tons of carbon, and supporting more than 5,200 green jobs.
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.
