Greenbacker Renewable Energy Company, a publicly registered, non-traded limited liability company, has purchased a 20-megawatt portfolio of pre-operational solar projects from Energy of Utah. The projects, West River Solar and West River Solar II, have a long-term power purchase agreement with utility company, Basin Electric Power. The purchase price was not disclosed.
Both projects are located in Pennington County, South Dakota, approximately one hour from Fall River Solar, an 80-megawatt solar project Greenbacker purchased near the end of 2020 from the same developer. The West River portfolio is expected to reach commercial operations in December 2022.
“We’re very excited to expand consumer access to cleaner, cheaper energy in South Dakota,” said Charles Wheeler, Greenbacker chief executive officer.
With the acquisition of these projects, Greenbacker will own approximately 1.12 gigawatts of generating capacity (including assets that are to be constructed), comprising 853.6 megawatts of utility-scale and distributed solar facilities, 242.6 megawatts of wind facilities, 16.0 megawatts of battery storage, and 12.0 megawatts of biomass facilities.
Greenbacker Renewable Energy Company acquires and manages renewable energy and energy efficiency projects, as well as other energy-related businesses. The company invests in solar and wind facilities, and then sells power under long-term contract to counter-parties such as utilities, municipalities, and corporations.
The company has raised $816.6 million in investor equity from February 2017 through April 2021, with sales in 2021 totaling approximately $481.8 million. As of the first quarter, the company’s investments totaled approximately $1.1 billion.