Greenbacker Buys Pre-Operational Solar Portfolio in Washington
Greenbacker Renewable Energy Company LLC, a non-traded limited liability sustainable infrastructure company, has purchased a purchased a 20-megawatt pre-operational solar portfolio.
Greenbacker Renewable Energy Company LLC, a non-traded limited liability sustainable infrastructure company, has purchased a 20-megawatt pre-operational solar portfolio from TUUSSO Energy, a Seattle-based solar developer.
The portfolio’s three 6.7-megawatt projects are Greenbacker’s first assets in Washington, which has a goal of achieving carbon-neutral electricity production by 2030 and 100 percent clean power by 2045.
Located in Kittitas County, the projects include Camas, Penstemon, and Urtica, and are all expected to reach commercial operation in 2022. Each have long-term power purchase agreements in place with the same utility offtaker.
“We’re thrilled to enter a new market with three projects that will deliver cheaper clean power to consumers,” said Charles Wheeler, chief executive officer. “This expansion is the result of a successful long-term collaboration with the solar development experts at TUUSSO. We’ve been involved with the portfolio since the planning stage, and today we’re very pleased to include it in our fleet of renewables projects driving a clean energy future in the state of Washington.”
To help reach its clean energy goals, Washington has a number of solar policies, including tax exemptions for qualifying solar energy equipment and a net metering incentive, which allows solar owners to feed any unused energy back into the grid, offsetting their power bills by an equal amount.
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 this portfolio and 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, the company said.
