Greenbacker Renewable Energy Company LLC Announces the Completion of Construction of Its Largest Solar Asset to Date
NEW YORK: Greenbacker Renewable Energy Company LLC (the “Company”), which invests in renewable energy assets, announced today that it recently completed the construction of its 20MWac Midway III solar PV project located in Imperial County, California. Greenbacker purchased this project from Solar Frontier Americas Holdings LLC (“Solar Frontier”) in December 2017 and began construction in January 2018. This project represents the largest solar project constructed by Greenbacker to date, and has been completed on budget and ahead of schedule. Midway III sells all generated power to San Diego Gas & Electric Company through a 20-year fixed-price power purchase agreement.
“When we announced the purchase of this pre-construction project from Solar Frontier last year, we estimated that it would take until October 2018 to complete. We are pleased to announce that due to the dedication of our technical asset management staff and the great work of our construction partners, Solar Frontier and McCarthy Building Companies, Inc., we were able to complete the commissioning of the project a month ahead of schedule, with the plant reaching commercial operation under its PPA on September 6, 2018. The Company continues to demonstrate an ability to successfully execute a wide variety of transactions, including the purchase of construction-ready projects, as well as operating assets,” said Charles Wheeler, CEO of Greenbacker.
As part of the transaction, Greenbacker built upon on its relationship with KeyBank N.A. by entering into a term loan back-leverage facility for Midway III. In addition, the Company also arranged tax equity financing from PNC Bank. Both transactions closed on September 28, 2018.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a public, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
About Solar Frontier Americas
Solar Frontier Americas Development, a subsidiary of Showa Shell Sekiyu K.K. (a global energy solutions company), develops, owns, and operates high performing, utility-scale photovoltaic plants in the United States. The company partners with solar system component suppliers, EPCs, and other developers to deliver optimized, high-yield solar plants that both economically and ecologically help meet the clean energy needs of today.
Forward-Looking Statements
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.
