Greenbacker Renewable Energy acquires 13.9 MW of North Carolina solar

Greenbacker Renewable Energy Company announced today that, through a wholly-owned subsidiary, it recently acquired all of the outstanding equity of SunFarm V and Sun Farm VI (collectively the “SunFarm Portfolio”). The SunFarm Portfolio consists of two solar photovoltaic systems comprising 13.9 MW located in Perquimans County, North Carolina. The projects will be placed in service in the fourth quarter of 2018 and sell power to an investment grade utility off-taker through a 15-year fixed price power purchase agreement.

“With the SunFarm Portfolio, we add two solar assets, with an investment-grade utility off-taker, to the company’s portfolio of solar assets in North Carolina adding to our regional presence and allowing for increased operational efficiencies,” said Charles Wheeler, CEO of Greenbacker. “We continue to evaluate numerous high-quality alternative energy opportunities with a focus on investing the majority of our available cash balances over the coming months in new projects.”

With the addition of these two solar assets, the company now owns approximately 278.7 MW of generating capacity (including “to be constructed” assets) comprising 61.5 MW of wind facilities and 217.2 MW of commercial and residential solar facilities.

News item from Greenbacker Renewable Energy Company

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