Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, has signed the rights to an approximately 110-megawatt portfolio of solar projects located in Greene and Albany counties, New York from Hecate Energy LLC.
Construction and equipment procurement of the facilities commenced in 2019, with closings to take place throughout 2020 and the facilities are expected to achieve commercial operations in 2021.
Greenbacker noted that the projects will strive to source labor, material, and equipment within New York State, helping advance the state’s economy. Once operational, the portfolio will generate enough electricity to power approximately 23,000 homes.
The portfolio plans to sell a portion of the renewable energy credits generated to an investment grade off-taker through a 20-year fixed price contract and will sell the remaining portion of energy and REC attributes generated to two utilities through fixed price 20-year contracts.
“After achieving operations this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals,” said Charles Wheeler, chief executive officer of Greenbacker.
Following the transaction, Greenbacker will own 731.5 megawatts of generating capacity (including assets that are to be constructed), comprising of 177.2 megawatts of wind facilities, 542.3 megawatts of utility-scale and distributed solar facilities, and 12 megawatts of biomass facilities.
Greenbacker Renewable Energy Company owns a portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. The company launched its initial public offering of shares on April 25, 2014, and had raised approximately $402.3 million, as of September 30, 2019.