Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, plans to purchase a 27.7-megawatt, 14-location portfolio of solar power facilities across Vermont from Encore Renewable Energy, a Vermont-based energy-services company.
The portfolio consists of 14 solar projects that are or will be contracted with various utilities, municipalities, universities, and other businesses through 25-year agreements. The projects are expected to be completed over the next 12 months.
Greenbacker and Encore also closed on a $4 million equipment loan facility to help Encore secure components for projects ahead of the scheduled phasedown of the solar Investment Tax Credit at the end of 2019.
With the addition of the Vermont Portfolio, Greenbacker will own approximately 597.6 megawatts of generating capacity (including assets that are to be constructed), including 177.3 megawatts of wind facilities, 408.3 megawatts of utility-scale and distributed solar facilities, and 12.0 megawatts of biomass facilities.
Greenbacker also entered into a $68 million debt financing agreement with Bayerische Landesbank. The debt will be placed on a portfolio of three operating wind assets, two of which were previously unlevered.
The assets include the 10-megawatt Georgia Mountain Community Wind asset in Vermont, the 10-megawatt Fossil Gulch asset in Idaho, and the recently acquired 30.8-megawatt Community Wind South asset in Minnesota. Pricing details for the agreement were not disclosed.
Greenback Renewable Energy Company invests in 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 $342.7 million, as of December 31, 2018.