NEW YORK--(BUSINESS WIRE)--
Greenbacker Renewable Energy Company LLC (“Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 21.8 megawatt portfolio of three solar projects (“SE Solar Portfolio”) located in Camden, Jamesville and Martin counties, North Carolina from SunEnergy1 LLC. Construction of the facilities has commenced, with closings to take place upon their reaching mechanical completion. All three facilities are expected to achieve 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.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
SunEnergy1 is a top five U.S. solar developer, owner and operator of utility-scale solar projects with close to 1GW installed. The company has pioneered large-scale solar power on the East Coast for nearly a decade, developing numerous record-breaking solar projects in the region. SunEnergy1 is vertically integrated and controls all stages of development in-house, creating affordable, low risk solar power for corporate, institutional and utility partners. The company has the financial strength to own and maintain a 5GW pipeline of solar-ready development sites and over 250MW of owned solar facilities. For more information about SunEnergy1, please visit www.sunenergy1.com.
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.
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