Greenbacker acquires solar projects in Maine; completes 12 MW portfolio

Greenbacker Renewable

Greenbacker Renewable Energy, a leading owner, and operator of sustainable infrastructure and energy efficiency projects announced this Thursday it purchased several solar projects located in Maine from ReneSola. The projects are still in the development phase; however, they will deepen its presence in the state.

Firstly, the current purchase was for the Athens Ridge (3.8 MWdc) and Mars Hill (2.8 MWdc). These projects will deepen the company’s presence in the state. They will further strengthen its pipeline of both community and utility-scale solar projects and battery energy storage systems.

Moreover, the acquisition also closes a series of successful collaborations between both companies. Indeed, during 2021’s first quarter, Greenbacker purchased a pair of the developer’s Utah solar assets, totaling 9.8 MWdc.

Thereafter, Greenbacker acquired other pre-operational solar projects: Richmond Hill (2.5 MWdc) and Lebanon Road (2.8 MWdc), which, combined with Athens Ridge and Mars Hill, round up ReneSola’s 2022 Maine portfolio.

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Greenbacker to start construction of the projects early on 2022

Furthermore, all four projects in the Maine pipeline are pioneering the state’s net energy billing program, which began in the second quarter of 2021. Indeed, the program intends to encourage small-scale renewable power by allowing consumers to offset their power bills by the net amount of energy they generate with their own (or community) clean energy systems.

In addition, as outlined above, the projects included in the transaction are still in the development phase. Particularly, they are at the notice to proceed stage. Meaning Greenbacker will complete its construction. It will also retain ownership of the projects. Greenbacker would start construction of the projects around the first quarter of 2022; beginning operations in 3Q of 2022.

About the relevance of the acquisition, John Ewen, President of ReneSola Power Holdings, said. “ReneSola Power is committed to accelerating solar development in the US, and we are thrilled to see these projects contribute to Greenbacker’s renewable energy portfolio and the clean energy goals of Maine.”

Finally, Charles Wheeler, CEO of GREC, commented. “Our partnership with ReneSola—and their wide-ranging renewables expertise—continues to help the Pine Tree State progress toward its admirable clean power generation goals, and we look forward to collaborating on projects with them in the future.”

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