Greenbacker Renewable Energy Company acquires solar portfolio totaling 5.9 MW
Greenbacker Renewable Energy Company, through a wholly-owned subsidiary, has purchased the rights to a portfolio of 5.9 MW to-be-constructed solar projects, developed by Ameresco, Inc. The portfolio consists of sites in Massachusetts and New Jersey.
In Natick, MA, 0.6 MW is contracted to the off-taker, Natick Public Schools. In Princeton, NJ, 5.2 MW is contracted to the off-taker, Boston Properties Limited Partnership. Both are expected to reach COD in Q3 2020.
“We see this as the beginning of a long and fruitful partnership with Ameresco,” says Charles Wheeler, CEO of Greenbacker. “Their goal of increasing market share for renewable energy aligns with our growth strategy and we hope to repeat our positive experience by working with them again in the future.”
“Greenbacker continues to prove itself as a trusted project equity partner to the development community,” says Doran Hole, Chief Financial Officer of Ameresco, Inc. “As one of the largest distributed renewable energy asset developers in the country, the opportunity to efficiently execute portfolio transactions with Greenbacker helps us further our comprehensive clean energy initiatives. Furthermore, our continued involvement in the construction, operation and maintenance of the projects allows us to continue to provide best in class service to our customers.”
With this acquisition of the Ameresco portfolio, Greenbacker will own approximately 551.1MW of generating capacity (including assets that are to be constructed), comprising 192.6MW of wind facilities, 338.6MW of utility-scale and distributed solar facilities, 12.0MW of biomass facilities, and 7.9 MW of battery storage.