Home Alts News Greenbacker Subsidiary Acquires Solar Portfolio for $8 Million

Greenbacker Subsidiary Acquires Solar Portfolio for $8 Million

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Publicly registered, non-traded limited liability company Greenbacker Renewable Energy Company (Greenbacker) recently acquired solar power facilities located on 13 sites across 6 states through a wholly-owned subsidiary for $8 million.

The facilities generate 9.789 megawatts which is enough to power 1,605 homes for one year.

MP2 Capital LLC and Blu Leaf Ventures LLC, both national solar developers, developed and operated the sites before selling to Greenbacker.

“We are extremely pleased to be purchasing these assets from MP2 Capital and Blu Leaf Ventures,” stated Charles Wheeler, CEO of Greenbacker. “In addition to acquiring a diversified portfolio of blue-chip renewable energy assets, we have created a great relationship with two developers. We anticipate that these assets will continue to help us develop steady and predictable returns for our investors.”

Located in Hawaii, Colorado, Indiana, North Carolina, Florida, and Connecticut, the facilities are ground and roof mounted systems on municipal and commercial properties. Duke Energy Progress, Xcel Energy, and the Orlando Utilities Commission among others purchase the electricity and environmental attributes generated by the assets.

The portfolio derives about 90% of its revenue from investment grade rated utilities and municipalities.

SC Distributors, an RCS Capital Corporation company, acts as dealer-manager for Greenbacker. The non-traded LLC acquires income-producing renewable energy power plants, energy efficiency projects, and other sustainable investments.