Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company that invests in alternative energy projects, has acquired SunFarm V LLC and Sun Farm VI LLC, collectively named the SunFarm Portfolio. The purchase price was not disclosed.
The SunFarm Portfolio consists of 2 solar photovoltaic systems comprising 13.9 megawatts located in Perquimans County, North Carolina. The projects will be placed in service in the fourth quarter of 2018 and sell power to an investment grade utility off-taker through a 15-year fixed price power purchase agreement.
“With the SunFarm Portfolio, we add two solar assets, with an investment-grade utility off-taker, to the company’s portfolio of solar assets in North Carolina adding to our regional presence and allowing for increased operational efficiencies” said Charles Wheeler, CEO of Greenbacker. “We continue to evaluate numerous high-quality alternative energy opportunities with a focus on investing the majority of our available cash balances over the coming months in new projects”
In related news, the company recently completed construction of its Midway III solar project located in Imperial County, California, its largest solar project to date.
Greenbacker Renewable Energy Company invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. With the addition of these two solar assets, the company now owns approximately 278.7 megawatts of generating capacity, including “to be constructed” assets, comprising 61.5 megawatts of wind facilities and 217.2 megawatts of commercial and residential solar facilities. Greenbacker launched its initial public offering of shares on April 25, 2014, and has raised approximately $243.8 million, as of October 26, 2018.