Greenbacker Renewable Energy acquired a 10.8-MW Maryland solar portfolio

Greenbacker Renewable Energy announced that, through a wholly-owned subsidiary, it purchased the rights to a 10.8-MW portfolio of two solar projects (Project Blue Star and Project Phoenix, collectively the Phoenix Solar Portfolio) from Sol Systems. The Phoenix Solar Portfolio projects, which are located in Kent County and Prince Georges County, Maryland, are expected to reach commercial operation by June 2019. Sol Systems will oversee the delivery of both projects to the company who will be the owner and operator.

Project Blue Star, a 7.8-MW ground mounted array located in Chestertown, Maryland, is contracted with a facility power purchase agreement for 25 years with Washington College, a private liberal arts college founded in 1782. The site will include buffer vegetation and robust habitat preservation.

Project Phoenix, a 3-MW project located in Capitol Heights, Maryland, is contracted for 12 years with a wholly-owned subsidiary of WGL Holdings, a public utility holding company serving the greater Washington DC area. A renewable energy development project in Prince George’s County, the facility will be located on a site that has remained vacant for 30 years and was deemed unsuitable for residential development. The solar project will produce enough energy to power 333 homes, and it is expected to contribute approximately $1.4 million in total tax revenue to the county over its length of service.

“The Phoenix Solar Portfolio is an excellent addition to the company’s solar portfolio, providing long-term, investment grade cash flows and furthering the company’s targeted expansion into net-metered and utility scale wind and solar assets”, said Charles Wheeler, CEO of the Greenbacker Renewable Energy. “Sol Systems has proven its ability to deliver high quality projects and we are excited to deepen our relationship with one of the leading renewable energy firms in the United States.”

With the addition of the Phoenix Solar Portfolio, Greenbacker will own approximately 290 MW of generating capacity (including assets that are to be constructed) comprising 62 MW of wind facilities and 228 MW of utility-scale and distributed solar facilities.

“Sol Systems is delighted to reach this milestone for these projects, and to work with such dedicated professionals from the Greenbacker team,” said Andrew Gilligan, VP of development at Sol Systems.

News item from Greenbacker Renewable Energy

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