Greenbacker boosts US footprint with 19.5-MW solar portfolio buy
Solar panels. Author: Patrick Kain. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Greenbacker Renewable Energy Company LLC (GREC) announced on Wednesday that it has acquired a 19.5-MW DC portfolio of operating solar projects in the US, expanding its footprint in New England and notching its first acquisition in Rhode Island.
The portfolio, spanning three US states, was bought from solar developer NextSun Energy through a wholly-owned subsidiary of GREC. The purchase comprises 15 projects with a power-generating capacity ranging between 0.6 MW DC and 5.0 MW DC. The asset in North Smithfield, Rhode Island has a capacity of 1.1 MW DC.
The projects all came online between late 2013 and early 2017. They have existing long-term power purchase agreements (PPAs) with utilities, municipalities and businesses.
“With the recent sale of our operating portfolio to GREC, we now have the ability to focus all of our bandwidth directly on developing future solar and battery energy storage systems, NextSun president Jake Laskin said.
With the latest acquisition, Greenbacker's portfolio has reached 2.2 GW of generating capacity, including assets that are yet to be built.