Greenbacker Renewable buys 7.7-MW solar portfolio in California
Solar system in California. Author: Matt Montagne. License: Creative Commons, Attribution 2.0 Generic.
New York-based Greenbacker Renewable Energy Company LLC announced that it has bought a company holding two operating solar photovoltaic (PV) plants in California totalling 7.7 MW.
Specifically, a wholly-owned subsidiary of Greenbacker has acquired 100% of North Palm Springs Investments LLC, including its Golden Horizons portfolio, for about USD 7.7 million (EUR 6.6m). The seller is LDK Solar USA Inc.
The two solar parks are located in North Palm Springs and have been operating since 2011, selling their output to Southern California Edison. Their 20-year power purchase agreement (PPA) with the utility has 14 years remaining.
The acquisition expands Greenbacker’s owned generating capacity to 158.9 MW, including 45.5 MW of wind parks, as well as 113.4 MW of commercial and residential solar farms, it said.