Greenbacker exits US distributed solar market

Solar on the roof. Author: Marufish. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

March 11 (Renewables Now) - Greenbacker Renewable Energy Co LLC said on Tuesday it has exited the US residential solar market by selling its remaining portfolio of photovoltaic (PV) assets to an unnamed residential solar aggregator.

As part of the deal, the New York-based firm has offloaded its Greenbacker Residential Solar Portfolio and Greenbacker Residential Solar Portfolio II, which together consist of 3,668 sites. The particular assets were added to Greenbacker’s portfolio between October 2016 and July 2017 for a total investment of USD 34.5 million (EUR 30.5m). They have been sold “at a considerable premium” to the original expense, the seller said.

The transaction follows the December 2019 sale of the 2.5-MW Enfinity Colorado DHA Portfolio of 666 residential rooftop solar systems located in and around Denver.

Earlier this week, Greenbacker said it has purchased the rights to a 7-MW operational solar portfolio in New York, New Jersey and Washington DC from HESP Solar. This deal expanded its generating capacity at the time to around 556.7 MW, including assets that are yet to be built. 

(USD 1.0 = EUR 0.883)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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