Greenbacker Renewable Energy Company announced that, through a wholly owned subsidiary, it purchased the rights to an approximately 7 MW solar portfolio from HESP Solar. Located in New York, New Jersey and Washington, D.C., the portfolio is contracted to sell power to multiple investment grade municipal and corporate off-takers. The project reached commercial operations in November 2017 and January 2018.
“With this solar portfolio acquisition, we continue to expand our operating portfolio, adding assets with proven performance,” said Charles Wheeler, CEO of Greenbacker. “We are pleased to continue to execute on our pipeline of operating renewable energy projects which meet the Company’s investment criteria.”
With the addition of the portfolio, Greenbacker will own approximately 556.7 MW of generating capacity (including assets that are to be constructed), comprising 177.3 MW of wind facilities, 367.4 MW of utility-scale and distributed solar facilities, and a 12 MW biomass facility.