Home Alts News Greenbacker Buys Portfolio of Six Solar Facilities in California and Colorado

Greenbacker Buys Portfolio of Six Solar Facilities in California and Colorado

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Greenbacker Renewable Energy Company has purchased a portfolio of North American solar assets from UK based Foresight Group for approximately $13 million including the repayment of $5 million in project level debt.

The Foresight Portfolio consists of six operating solar photovoltaic systems comprising 10 megawatts located in Colorado and California. The projects were placed in service throughout 2013 and 2014 and sell power or renewable energy credits to PG&E, Xcel, SCE and/or various Colorado based governmental agencies through 20-year power purchase agreements with an average of 17 years currently remaining across all locations.

“With the Foresight Portfolio, we have added six commercial solar assets with investment-grade utility and governmental agency off-takers, further diversifying the company’s portfolio,” said Greenbacker CEO Charles Wheeler. “Market conditions in the renewable energy market continue to be robust and we are pleased to be able to execute on great transactions while simultaneously expanding our pipeline of potential alternative energy deals which meet the company’s investment criteria.”

With the latest purchase, Greenbacker now owns approximately 168.9 megawatts of generating capacity comprising 45.5 megawatts of wind facilities and 123.4 megawatts of commercial and residential solar facilities.

Greenbacker Renewable Energy Company is a publicly registered, non-traded limited liability company that invests in renewable energy power plants, energy efficiency projects, and other sustainable investments.

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