Greenbacker Acquires Two New York Solar Projects

Greenbacker Renewable Energy Company LLC‘s subsidiary has purchased two utility-scale solar projects from Hecate Energy LLC. The acquisitions of Hecate Energy Albany 1 LLC and Hecate Energy Albany 2 LLC, both 20 MW AC, expand Greenbacker’s reach into New York.

Both projects are located in Albany County and come with long-term contracts already in place with investment-grade offtakers. Albany 1 is contracted with the New York State Energy Research and Development Authority, while Albany 2 will sell power to Connecticut electricity providers Eversource and United Illuminating Company.

The solar facilities are slated to begin construction in the third quarter of 2021 and reach commercial operations in summer 2022.

“We’re eager to expand access to cleaner, cheaper power options that can more reliably meet the growing energy needs of New York, a state that Greenbacker has called home for 10 years,” says Charles Wheeler, CEO of GREC. “We’re thrilled that by collaborating on this solar portfolio with Hecate Energy, and other projects in the future, we’re able to support local jobs for New Yorkers and help the state achieve its ambitious clean power goals.”

“Hecate is proud to partner with Greenbacker to bring these two solar projects online and help address the growing challenge of climate change, and we look forward to many similar projects in the future,” declares Chris Bullinger, Hecate’s CEO. “Greenbacker is a trailblazer in advancing renewable energy through the intelligent deployment of capital into industry-leading projects that will help to make a difference, and we’re very pleased with the development of this collaboration.”

With the acquisition of this portfolio, Greenbacker will own approximately 1.18 GW of generating capacity, comprising 855.4 MW of utility-scale and distributed solar facilities, 300.1 MW of wind facilities, 16 MW of battery storage, and 12 MW of biomass facilities.

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