December 10 (Renewables Now) - New York-based Greenbacker Renewable Energy Company LLC said on Monday it has agreed to buy a 27.7-MW solar project portfolio in Vermont from Encore Renewable Energy for an undisclosed sum.
The specific portfolio, with a given capacity in Direct Current (DC), comprises 14 projects that are currently eighter under development or will enter construction in the near-term. All of them are expected to become operational over the next 12 months. Some of them already have in place 25-year power purchase agreements (PPAs) with utilities, municipalities, universities and business organisations and the rest to be contracted, as well.
Greenbacker has also closed a USD-4-million (EUR 3.6m) equipment loan facility with Encore that will enable it to secure equipment for the projects so that they are eligible for the investment tax credit (ITC) prior to its planned phasedown at end-2019.
With the Vermont assets, Greenbacker’s portfolio will expand to 597.6 MW, including to-be-constructed power plants. The bulk of this capacity, 408.3 MW, comes from utility-scale and distributed solar plants.
(USD 1.0 = EUR 0.903)