Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company and manager of sustainable infrastructure investments, has purchased the rights to a portfolio of 5.9 megawatt to-be-constructed solar projects, developed by Ameresco Inc. (NYSE: AMRC). Financial terms were not disclosed.
The portfolio consists of sites in Massachusetts and New Jersey. In Natick, Massachusetts, 0.6 megawatts is contracted to the off-taker, Natick Public Schools. In Princeton, New Jersey, 5.2 megawatts is contracted to the off-taker, Boston Properties Limited Partnership. Both facilities are expected to be operational during the third quarter of 2020.
“We see this as the beginning of a long and fruitful partnership with Ameresco,” said Charles Wheeler, chief executive officer of Greenbacker. “Their goal of increasing market share for renewable energy aligns with our growth strategy and we hope to repeat our positive experience by working with them again in the future.”
With this acquisition of the Ameresco portfolio, Greenbacker will own approximately 551.1 megawatts of generating capacity (including assets that are to be constructed), comprising 192.6 megawatts of wind facilities, 338.6 megawatts of utility-scale and distributed solar facilities, 12.0 megawatts of biomass facilities, and 7.9 megawatts of battery storage.
Greenbacker Renewable Energy Company acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. As of March 31, 2020, the company has made solar, wind, biomass and energy efficiency investments in 31 portfolios, as well as six secured loans in the United States.