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Greenbacker Renewable Energy Acquires Solar Portfolio in Utah

April 12, 2021, 07:18 AM
Filed Under: Mergers & Acquisitions

Greenbacker Renewable Energy Company LLC (GREC), an owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it purchased an approximately 10 MWdc portfolio of pre-operational solar projects from ReneSola Power.

The projects have secured strong offtake with two corporate counterparties, via 20-year solar equipment leases.

Consisting of three ground-mounted commercial distributed generation sites in Utah, the behind-the-meter projects are expected to start construction in the third quarter of 2021 and reach commercial operation by the end of the year. The transaction also allows GREC to expand its ongoing relationship with ReneSola Power, 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. “ReneSola Power were a pleasure to partner with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to working with them again on future sustainable energy endeavors.”

John Ewen, CEO of ReneSola Power North America, commented, "Greenbacker will be an excellent partner in this portfolio, and we are thrilled to close the sale transaction. We look forward to collaborating with them on other opportunities."

With the acquisition of these projects, Greenbacker owns approximately 1.10 GW of generating and storage capacity (including assets that are to be constructed), comprising 827.4 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.

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