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Greenbacker to Buy Five Operating Solar Facilities in North Carolina for $20.5 Million

Greenbacker Renewable Energy Company LLC, publicly registered, non-traded limited liability company, signed a purchase agreement to acquire five operating ground mounted solar photovoltaic systems comprising 27.8 megawatts located throughout eastern North Carolina for approximately $20.5 million. FTI Capital Advisors LLC, a capital markets and banking advisor, is selling the portfolio on the behalf of the current owner, Conergy Projects Inc.

The projects were placed in service throughout 2015 and sell power to Duke Energy through a 15-year power purchase agreement with approximately 13 years currently remaining. The pricing on the agreement is based on time of day production that equals approximately a $0.066/ kilowatt hour rate with no annual escalations over the contract period.

“With this latest acquisition, we continue to build upon our portfolio of Investment-Grade Utility Solar Assets” said Charles Wheeler, CEO of Greenbacker. “While we have recently diversified our portfolio to include wind and residential solar assets as well, we continue to actively source and build upon a large pipeline of good solar assets in many areas of the United States.”

All of the systems qualify for renewable energy credits in North Carolina which are contracted to be sold at $5.00 per megawatt hour during the power purchase agreement term while one of the projects also has a contract for $1.00 per megawatt hour for approximately 10 additional years.

With the addition of the Raleigh Portfolio, Greenbacker now owns approximately 149.5 megawatts of generating capacity comprising 45.5 megawatts of wind facilities and 104.0 megawatts of commercial and residential solar facilities.

Greenbacker Renewable Energy Company invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.

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