Greenbacker Renewable Energy Company, a publicly registered, non-traded limited liability company, has purchased two utility-scale solar projects in Albany, New York from Hecate Energy LLC. The purchase price was not disclosed.
The acquisitions of Hecate Energy Albany 1 LLC and Hecate Energy Albany 2 LLC, both 20 megawatts, are among Greenbacker’s largest sustainable energy assets in New York.
Current state legislation mandates a zero-emissions electricity sector by 2040, which is set to include 70 percent renewable energy power generation by 2030, as part of its initiative to create clean energy jobs and foster a green economy, the company said.
Additionally, New York recently retired Indian Point, a 2.1-gigawatt nuclear plant outside of New York City that generated 12 percent of the state’s electricity, due to safety concerns and increased operating costs.
“We’re eager to expand access to cleaner, cheaper power options that can more reliably meet the growing energy needs of New York, a state that Greenbacker has called home for 10 years,” said Charles Wheeler, chief executive officer.
Greenbacker said that it has “a number” of signed commitments with Hecate to develop additional sustainable infrastructure projects in the New York that “amounts to hundreds of megawatts of clean power over the next few years.”
Both projects are located in Albany County and come with long-term contracts already in place with offtakers. Albany 1 is contracted with the New York State Energy Research and Development Authority, while Albany 2 will sell power to Connecticut electricity providers Eversource and United Illuminating Company.
The solar facilities are slated to begin construction in the third quarter of 2021 and reach commercial operations in summer 2022.
With the acquisition of this portfolio, Greenbacker will own approximately 1.18 gigawatts of generating capacity (including assets that are to be constructed), comprising 855.4 megawatts of utility-scale and distributed solar facilities, 300.1 megawatts of wind facilities, 16.0 megawatts of battery storage, and 12.0 megawatts of biomass facilities.
The company acquires and manages renewable energy and energy efficiency projects, and other energy-related businesses. Its projects, such as solar and wind facilities, sell power under long-term contract to counterparties such as utilities, municipalities, and corporations.
Greenbacker launched in February and 2017 and has raised $887.6 million in investor equity as of June 2021, with sales in 2021 totaling approximately $552.8 million.