Greenbacker Acquires 31.33 MWs of C&I Solar Assets from Two Developers and Partners with Scenic Hill Solar on 3.5 MWs following its 110 MW Wind Acquisition in September
Acquisitions and Partnership Further Expand Greenbacker’s Capabilities in US Renewable Energy Market as it Addresses Investor Demand for High-Impact Green Investment Strategies
NEW YORK: Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through wholly-owned subsidiaries, it has acquired the rights to 31.33 megawatts (MW) of solar projects and partnered on an additional 3.5 MWs of solar in three separate transactions. The transactions follow Greenbacker’s acquisition in September of two wind energy facilities in Iowa, and build on the Company’s growing momentum as it establishes itself as a key investor and project sponsor in the U.S. renewable energy space. Through its portfolio of attractive green power projects with long-term contracts in-place with utilities, municipalities and other corporate entities, Greenbacker seeks to provide steady current income and moderate capital appreciation for investors, typically those in the Registered Investment Advisor (“RIA”) and family office segments.
In the first transaction, Greenbacker has acquired the rights to a 25.6 MW solar Commercial & Industrial portfolio from IGS Solar. The portfolio spans several states, including California, Colorado, Massachusetts, New Jersey, and Washington D.C., with contracts in place to supply power to seven separate offtakers. The projects are expected to be placed in service between Q4 of 2019 and Q3 of 2020. This transaction marks Greenbacker’s first acquisition with IGS Solar.
Greenbacker has also acquired the Brattleboro landfill project, which consists of an operating 5.74 MW ground mount solar project in Brattleboro, Vermont and is contracted with investment grade municipalities and schools under group net metering agreements for 20 years (the “Brattleboro Landfill Project”). The Brattleboro Landfill Project reached commercial operation in July 2018 and sits on Windham Solid Waste Management District’s closed landfill. The Company acquired the Brattleboro Landfill Project from Sky Solar.
Finally, the Company has also partnered with Scenic Hill Solar on a 3.5 MW portfolio of to-be-constructed projects in Arkansas (the “Scenic Hill Portfolio”). The Scenic Hill Portfolio is expected to reach commercial operation in 2019 and is contracted with investment grade public entities and utilities for 28 years. This transaction marks the Company’s first portfolio in Arkansas and the beginning of a growing relationship with Scenic Hill Solar to partner on their pipeline of solar projects in the coming years. The acquisitions and partnership come on the back of Greenbacker’s deal to acquire 110MW of operating wind projects from a leading institutional investor.
“Greenbacker is delighted to increase its footprint across the US and to continue to bring creative renewable energy solutions to its growing number of investors,” said Charles Wheeler, CEO of the Company. “As their children and grandchildren become more focused on environmental issues, investors are increasingly looking for high-impact investments that make a difference by reducing carbon emissions at the same time that they deliver stable current income and moderate capital appreciation – and the ongoing growth of our portfolio makes us well-positioned to address this demand. We very much enjoyed working with IGS Solar, Scenic Hill Solar, and Sky Solar on these acquisitions and partnerships and look forward to adding such an exceptional set of projects to Greenbacker’s portfolio.”
With the addition of the Projects, Greenbacker will own approximately 552.0 MW of generating capacity (including assets that are to be constructed), comprising 172.3 MW of wind facilities, 367.7 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. For more information, please visit www.greenbackercapital.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company’s expectations.