January 6 (Renewables Now) - New York-based Greenbacker Renewable Energy Co LLC today said it has agreed to buy the rights to a portfolio of around 110 MW of solar projects in New York.
The deal was signed with renewables developer Hecate Energy LLC but its value was not disclosed in the press release.
The specific portfolio includes solar projects that are already under construction and are expected to go live in 2021. To be equipped with locally-sourced materials and equipment, the photovoltaic (PV) parks in New York’s Greene and Albany counties are expected to produce electricity for nearly 23,000 homes, once operational. Part of the renewable energy credits will be sold to an investment-grade off-taker under a 20-year contract, while the remaining part of the plants' output and RECs will be purchased by two utilities, also through 20-year contracts.
The solar portfolio is set to become one of the largest in the state, Greenbacker’s CEO Charles Wheeler noted, adding that the company hopes to continue its collaboration with Hecate in the coming months and years.
Once this latest deal is completed, Greenbacker will own 731.5 MW of renewable energy assets, including to-be-constructed power plants. Nearly 550 MW of them are utility-scale and distributed solar plants.