Greenbacker Renewable Energy acquires 110-MW New York solar portfolio
Greenbacker Renewable Energy has, through a wholly-owned subsidiary, signed the rights to an approximately 110-MW portfolio of solar projects located in Greene and Albany counties, New York from Hecate Energy.
Construction and equipment procurement of the facilities commenced in 2019, with closings to take place throughout 2020 and the facilities are expected to achieve commercial operations in 2021. The projects will strive to source labor, material and equipment within New York State.
“We are excited to partner with Hecate Energy LLC to develop and construct the NY Solar Portfolio, adding significant, high-value and quality projects to our future pipeline,” said Charles Wheeler, CEO of Greenbacker. “After achieving operations this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals. We hope to continue our renewable energy investment activities in New York and with Hecate in the months and years to come.”
Once operational, the NY Solar Portfolio will generate enough electricity to power approximately 23,000 homes. The portfolio will sell a portion of the renewable energy credits (REC) generated to an investment-grade off-taker through a 20-year fixed-price contract and will sell the remaining portion of energy and RECs attributes generated to two utilities through fixed-price 20-year contracts.
“Greenbacker’s innovative approaches and strong financial commitment are helping drive the renewables revolution needed to address our significant energy and climate challenges,” said Chris Bullinger, president and CEO of Hecate. “We are delighted to be partnering with them on this portfolio of projects and many more into the future.”
With the addition of the NY Solar Portfolio assets following all three project closings, the Greenbacker will own 731.5 MW of generating capacity, including 542.3 MW of utility-scale and distributed solar facilities.
