Greenbacker Renewable Energy Company LLC, a publicly registered, limited liability company that invests in alternative energy projects, has purchased the 12.0-megawatt Eagle Valley Clean Energy Biomass Project for an undisclosed price.
The Eagle Valley Clean Energy Biomass facility is a Gypsum, Colorado-based power plant which generates electricity from the combustion of waste wood. The plant sells 100 percent of its generated energy under a long- term contract with Holy Cross Energy, a not-for-profit rural electric cooperative that provides electricity to more than 55,000 members.
“While this is our first biomass facility to date, it is a well-established facility with a successful operating history,” said Charles Wheeler, CEO of Greenbacker. “We plan to continue this success by utilizing the facility’s current operations and maintenance team to operate the plant, a team which has managed the facility on a profitable basis since inception.”
He added, “Besides providing renewable energy to the Western Slope of Colorado, this facility is a piece of the U.S. Forest Service’s initiative for the disposal of pine beetle infested wood from the local forests helping to reduce the risk of catastrophic wildfire in the area.”
Greenbacker Renewable Energy Company invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. Greenbacker launched its initial public offering of shares on April 25, 2014, and has raised approximately $342.7 million, as of December 31, 2018. With the addition of this biomass facility, the company now owns approximately 366.3 MW of generating capacity, including to-be-constructed assets, comprising 61.5 MW of wind facilities, 292.8 MW of commercial and residential solar facilities, and 12.0 MW of biomass facilities.