Greenbacker to Buy Solar Portfolio from TerraForm Power Subsidiary

Greenbacker Renewable Energy Company, a publicly registered, non-traded limited liability company, signed an agreement to purchase a solar portfolio from a subsidiary of TerraForm Power for approximately $6 million. The closing of the transaction is anticipated to occur before June 30, 2017.

The portfolio is comprised of 1,252 operating residential photovoltaic solar systems with a total generating capacity of 8.917 megawatts DC located in Arizona, California, Connecticut, Massachusetts, Maryland, Nevada, New Jersey and New York. The systems all have power purchase agreements that have a weighted average remaining life of approximately 18.6 years.

“An investment such as this continues to add significant geographic and financial diversification to Greenbacker’s current portfolio of solar assets.” stated Charles Wheeler, CEO of Greenbacker. “While we strategically invest in selected residential solar assets, we continue to implement our broader strategy of acquiring high quality commercial renewable energy assets.”

Greenbacker Renewable Energy Company LLC invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. Based in New York City, the company operates solar and wind facilities throughout the United States and Canada, and oversees a $100+ million portfolio of alternative energy assets.

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