Greenbacker Renewable Energy Company signs rights for solar portfolio
Greenbacker Renewable Energy Company has announced that, through a wholly-owned subsidiary, it has signed the rights to a 110 MW portfolio of solar projects located in Greene and Albany counties, New York, US, from Hecate Energy.
Construction and equipment procurement of the facilities commenced in 2019 with closings to take place throughout 2020. The facilities are expected to achieve commercial operations in 2021. The projects will strive to source labour, material, and equipment within New York State, helping advance the state’s economy.
The portfolio will sell a portion of the renewable energy credits generated to an investment grade off taker through a 20-year fixed price contract and will sell the remaining portion of energy and Renewable Energy Certificate (REC) attributes generated to two utilities through fixed price 20-year contracts.
With the addition of the portfolio assets following all three project closings, the Company will own 731.5 MW of generating capacity (including assets that are to be constructed), comprising of 177.2 MW of wind facilities, 542.3 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.