Greenbacker buys more N Carolina solar assets

Solar farm. Author: Michele Lamberti. License: Creative Commons, Attribution 2.0 Generic.

November 27 (Renewables Now) - New York-based Greenbacker Renewable Energy Company LLC announced on Monday it has purchased a 21.8-MW solar portfolio in North Carolina from project developer SunEnergy1 LLC.

The transaction calls for Greenbacker to acquire the rights to three under-construction solar projects in Camden, Jamesville and Martin counties. The transfer will take place once the plants are completed, which is expected to happen early next year. Once up and running, the solar parks will sell their output to an unnamed investment grade utility off-taker under a 15-year, fixed-price power purchase agreement (PPA).

Greenbacker said in a statement it is currently arranging back leverage and tax equity financing.

CEO Charles Wheeler commented that the company continues to focus on solar assets in North Carolina. Earlier this month, Greenbacker announced the acquisition of two projects totalling 13.9 MW in the state’s Perquimans County.

With the purchase of the SunEnergy1 assets, Greenbacker now has about 278.7 MW of generating capacity, including both assets in development and construction. The majority -- 217.2 MW -- comes from commercial and residential solar facilities but the firm also has 61.5 MW of wind farms.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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