Greenbacker Buys Solar Assets from Two Developers, Partners with Scenic Hill Solar
Greenbacker Renewable Energy Company LLC, a publicly registered, limited liability company that invests in alternative energy projects, has acquired the rights to 31.33 megawatts of solar projects and partnered on an additional 3.5 megawatts of solar in three separate transactions.
Greenbacker Renewable Energy Company LLC, a publicly registered, limited liability company that invests in alternative energy projects, has acquired the rights to 31.33 megawatts of solar projects and partnered on an additional 3.5 megawatts of solar in three separate transactions.
In the first transaction, Greenbacker has purchased the rights to a 25.6-megawatt solar commercial and industrial portfolio from IGS Solar. The portfolio spans several states, including California, Colorado, Massachusetts, New Jersey, and Washington D.C., with contracts in place to supply power to seven separate off-takers.
The projects are expected to be placed in service between the fourth quarter of 2019 and the third quarter of 2020. This transaction marks Greenbacker’s first acquisition with IGS Solar.
Greenbacker has also purchased the Brattleboro landfill project, which consists of an operating 5.74-megawatt ground mount solar project in Brattleboro, Vermont and is contracted with municipalities and schools under group net metering agreements for 20 years.
The Brattleboro Landfill Project reached commercial operation in July 2018 and sits on Windham Solid Waste Management District’s closed landfill. The company purchased the Brattleboro Landfill Project from Sky Solar.
Finally, Greenbacker has partnered with Scenic Hill Solar on a 3.5-megawatt portfolio of to-be-constructed projects in Arkansas. The Scenic Hill Portfolio is expected to reach commercial operation in 2019 and is contracted with public entities and utilities for 28 years.
The transaction marks the company’s first portfolio in Arkansas and the beginning of a relationship with Scenic Hill Solar to partner on their pipeline of solar projects in the coming years.
“Greenbacker is delighted to increase its footprint across the US and to continue to bring creative renewable energy solutions to its growing number of investors,” said Charles Wheeler, CEO of the Company. “As their children and grandchildren become more focused on environmental issues, investors are increasingly looking for high-impact investments that make a difference by reducing carbon emissions at the same time that they deliver stable current income and moderate capital appreciation.”
The three transactions follow Greenbacker’s acquisition in September of two wind energy facilities in Iowa from BlackRock Real Assets’ Global Renewable Power platform.
Greenback Renewable Energy Company invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. With the addition of the projects, Greenbacker will own approximately 552.0 MW of generating capacity (including assets that are to be constructed), comprising 172.3 MW of wind facilities, 367.7 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.
Greenbacker launched its initial public offering of shares on April 25, 2014, and has raised approximately $342.7 million, as of December 31, 2018.
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