Greenbacker Renewable Energy Company LLC, a non-traded limited liability sustainable infrastructure company, has purchased a 16.3-megawatt operational rooftop solar portfolio that includes 16 projects all located in Massachusetts.
The sellers were ECA Solar, a solar development firm, and Alliance Fund II, a sustainable infrastructure fund sponsored by North Sky Capital and sub-advised by GoldenSet Capital Partners LLC.
All 16 projects utilize building rooftop space that would otherwise be left idle. Two of the assets, Holliston (1.9 megawatts) and Wilmington (1.2 megawatts), also have panel arrays on adjacent parking structures.
The projects reached commercial operation between the third quarter of 2018 and the second quarter of 2020 and have power generation capacities ranging from 0.3 megawatts to 4.2 megawatts. Each has a long-term offtake contract in place with investment-grade counterparties that include a mixture of businesses, utilities, municipalities, and local government agencies.
“Greenbacker is thrilled that our new rooftop projects are helping the Boston area run on cheaper solar power,” said Charles Wheeler, chief executive officer. “ECA Solar developed top-tier assets, and we look forward to collaborating with them on future endeavors to power the clean energy transition.”
This is Greenbacker’s first transaction with ECA, which has developed and operated more than five million square feet of rooftop solar in Greater Boston. The firm develops ground mount, carport, and rooftop solar throughout New England, the Mid-Atlantic, and other select markets.
Greenbacker Renewable Energy Company acquires and manages renewable energy and other energy-related businesses, including solar and wind farms. The company seek to invest in projects that sell clean power under long-term contract to counterparties such as utilities, municipalities, and corporations. Its fleet of sustainable infrastructure projects comprises more than 2.6 gigawatts of generating capacity, including assets that are to be constructed.
Since 2016, its real assets have produced approximately 3.4 million megawatt-hours of clean energy, abated 2.4 million metric tons of carbon, and supported 3,200 green jobs, Greenbacker said.