Greenbacker Renewable Energy Company announced that, through a wholly-owned subsidiary, it purchased the rights to a 21.8 MW portfolio of three solar projects (SE Solar Portfolio) located in Camden, Jamesville and Martin counties, North Carolina, from SunEnergy1.
Construction of the facilities has commenced, and closings will take place upon completion. All three facilities are expected to be at commercial operations in early 2019. The company is currently working to arrange back leverage financing as well as tax equity financing. Once operational, the SE Solar Portfolio will sell all power generated to an investment grade utility off-taker through a 15-year fixed price PPA.
“With the SE Solar Portfolios, we continue to focus on solar assets in North Carolina which provides significant long-term value to our investors,” said Charles Wheeler, CEO of Greenbacker. “Over the coming year, we expect to expand the Company’s investment in pre-operational solar assets as we grow our solar portfolio.”
With the addition of the SE Solar Portfolio assets, the Company will own approximately 278.7 MW of generating capacity (including assets in development and construction) comprising 61.5 MW of wind facilities and 217.2 MW of commercial and residential solar facilities.
News item from Greenbacker Renewable Energy Company