Greenbacker Renewable Energy Company LLC (GREC) today announced that through a wholly-owned subsidiary, it purchased a 10MWdc portfolio of pre-operational solar projects from ReneSola Power. In fact, the projects already secured offtake with two corporate counterparties through 20-year solar equipment leases.
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Greenbacker Renewable Energy company on acquiring new solar portfolio in Utah
Today, sustainable infrastructure and energy efficiency owner and operator Greenbacker Renewable Energy Company announced it purchased a 10MWdc solar portfolio from ReneSola Power. Accordingly, the Company acquired this pre-operational solar projects portfolio and already secured robust offtake with two corporate counterparties through 20-year solar equipment leases.
In fact, Greenbacker did the transaction through a wholly-owned subsidiary. Furthermore, the portfolio consists of three ground-mounted commercial distributed generation sites in Utah.
Accordingly, the projects are expected to start construction in the third quarter of 2021 and reach commercial operation by the end of the year.
Moreover, this transaction allows Greenbacker to expand its ongoing relationship with ReneSola Power. In fact, the latter is an established developer with a robust pipeline of community and utility-scale solar projects and battery storage systems.
“It’s extremely rewarding to be part of expanding renewable energy access in Utah,” said Charles Wheeler, CEO of GREC. Thus, “ReneSola Power was a pleasure to partner with. Moreover, their extensive experience was a clear benefit in originating these solar projects. Finally, we look forward to working with them again on future sustainable energy endeavors.”
Indeed, GREC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy. It also manages energy efficiency projects and other energy-related businesses.
Reception and potentialities with the acquisition
“The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high creditworthy counterparties. For instance, to utilities, municipalities, and corporations,” the Company states in a press release.
Besides, Mr. John Ewen, CEO of ReneSola Power North America, commented, “Greenbacker will be an excellent partner in this portfolio. Thus, we are thrilled to close the sale transaction. Also, we look forward to collaborating with them on other opportunities.”
ReneSola Power is a leading global solar project developer and operator. Currently, the Company focuses on solar power project development, construction management, and project financing services.
Indeed, the Company’s strategy is to pursue high-margin project development opportunities in profitable and growing markets. Besides, it has a focus specifically on the U.S. and Europe. There, the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota, and New York.
Finally, Greenbacker currently owns approximately 1.10 GW of generating and storage capacity with the acquisition of these projects. In fact, these projects comprise 827.4 MW of utility-scale and distributed solar facilities. Also, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.