Greenbacker Renewable Energy Company LLC, a manager of sustainable infrastructure investments, has purchased the rights to Pacifica Storage LLC, a 7.9 megawatt/16.5megawatt hour portfolio of 16 operating and to-be-constructed energy storage systems from Stem Inc., an energy storage service provider. The acquisition marks Greenbacker’s initial expansion into the energy optimization sector. Financial terms were not disclosed.
“Expanding into energy storage is a logical next step in our acquisition strategy,” said Charles Wheeler, CEO of Greenbacker. “Maximizing energy efficiency dovetails perfectly with our core mission of driving returns for shareholders by investing in renewable energy infrastructure, since it allows us to not only reduce carbon emissions through sustainable energy technologies, but enables off-takers to manage their energy costs by reducing their need to draw electricity from the grid during periods of peak demand when prices are typically higher.”
Each of the acquired systems will participate in California’s Self Generation Incentive Program, which offers rebates for installing energy storage technology at both residential and non-residential facilities. The systems will serve customers across the state, and the portfolio is expected to be fully operational in the second quarter of 2021.
With the acquisition of Pacifica Storage, Greenbacker will own approximately 552.6 megawatts of generating capacity (including assets that are to be constructed), comprising 340.1 megawatts of utility-scale and distributed solar facilities, 192.6 megawatts of wind facilities, 12 megawatts of biomass facilities, and 7.9 megawatts of battery storage.
Greenbacker Renewable Energy Company acquires and manages renewable energy and energy efficiency projects, and other energy-related businesses. As of March 31, 2020, the company has made solar, wind, biomass and energy efficiency investments in 31 portfolios, as well as six secured loans in the United States.