Greenbacker Renewable Energy Company LLC Acquires a Controlling Interest in a $19.75 million Solar Portfolio
On the heels of a recent $25 million wind investment, Greenbacker Renewable Energy Company LLC (“Greenbacker”) announced today that through a wholly-owned subsidiary it acquired a controlling interest in a 12.1 MW portfolio of 1,611 solar systems from a subsidiary of OneRoof Energy, Inc. (“OneRoof”) for approximately $19,750,000 (“Greenbacker Residential Portfolio #1”). The systems are located on residential rooftops across seven states, including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut. Under the terms of the transaction, Greenbacker was appointed the managing member of Greenbacker Residential Portfolio #1 and OneRoof will retain a residual interest and continue to perform general operation and maintenance functions. All of the energy generated by the systems will be sold under twenty-year power purchase agreements to residential customers who on average have a FICO Score Rating of Very Good (between 740 and 799).
“Adding a large residential rooftop solar portfolio in partnership with OneRoof, who maintains an ongoing minority stake in the portfolio, adds significant diversification to Greenbacker’s current portfolio of solar and wind assets.” stated Charles Wheeler, CEO of Greenbacker. “This segment of the market has become increasingly sophisticated and opportunities for securitization of these portfolios provide significant upside potential. As we continue to grow our portfolio of alternative energy assets, which now totals in excess of $100 million, we seek projects that will continue to broaden our revenue stream, providing more predictable returns for our investors.”
“This transaction is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model, which is focused on being a low cost, capital-light, residential solar fulfilment platform, focused on partnering with scalable and low-cost sales partners,” stated David Field, president and CEO of OneRoof. “We are pleased to be working with Greenbacker and to be supporting their already robust wind and solar portfolios.”
MVP Capital acted as the exclusive financial advisor to OneRoof in arranging this transaction.