Greenbacker Renewable Energy announced that, through a wholly-owned subsidiary, it purchased the rights to a 21.2MW portfolio of six distributed solar projects from a subsidiary of Clearway Energy Group.
Clearway was advised by the principals of EOS Capital Advisors LLC. The DG Solar Portfolio projects, which are located in California, New Jersey and Maryland, are expected to reach commercial operation between June 2019 and March 2020. Clearway will oversee the delivery of the projects to the Company who will be the owner and operator.
DG Solar Portfolio consists of 5.5 MW in California, 2.7 MW in New Jersey and 13.0 MW in Maryland and is comprised of a mix of ground mount and rooftop systems. DG Solar Portfolio is contracted with facility power purchase agreements for 20 to 25 years. The counterparties include Waste Management of Alameda County, Inc., LafargeHolcim and other investment grade rated commercial and industrial offtakers.
“We are delighted to add more great projects to our already substantial 2019 construction-ready C&I pipeline,” said Charles Wheeler, CEO of the Company. “We very much look forward to bringing them all on-line in the coming months and bringing low-cost renewable energy to our growing list of corporate partners.”
With the addition of the DG Solar Portfolio, the Company will own approximately 378 MW of generating capacity (including assets that are to be constructed) comprising 62 MW of wind facilities and 316 MW of utility-scale and distributed solar facilities.
Source: Company Press Release.