New York, NY, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 9.27 megawatt (MW) portfolio of three solar projects (the “OR Solar Portfolio”) from a subsidiary of BNRG Renewables Ltd. (“BNRG”). BNRG was advised by the principals of Javelin Capital.
The OR Solar Portfolio consists of three to-be-constructed ~3 MW ground mount projects in Oregon and is contracted with an investment grade Oregon utility under power purchase agreements for 15 years. The OR Solar Portfolio is expected to reach commercial operation between November 2019 and January 2020. BNRG will oversee the delivery of the projects to the Company, who will be the owner and operator. E.S.S. LLC dba Evergreen Solar Services (“ESS”) will act as the contractor and will work under BNRG’s supervision to bring the OR Solar Portfolio online.
“Greenbacker is thrilled to expand its footprint into Oregon and to continue to bring renewable energy to a growing number of markets across the US”, said Charles Wheeler, CEO of the Company. “We very much look forward to working with BNRG and ESS to bring all the projects on-line in the coming months.”
BNRG Director Nick Holman added, “We are excited about entering into this partnership with Greenbacker and ESS to build out our third portfolio of projects in Oregon. We remain committed to developing projects in the US and are on track to reach our target of 250 MW of projects completed by 2021.”
With the addition of the OR Solar Portfolio, Greenbacker will own approximately 410 MW of generating capacity (including assets that are to be constructed), comprising 62 MW of wind facilities, 336 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. For more information, please visit www.greenbackercapital.com.
Founded in 2007, BNRG Renewables is an international developer of solar projects. BNRG is based in Dublin, Ireland with a solid track record of successfully delivering in multiple markets simultaneously. The Company has developed, financed and constructed over 125 MW of ground mounted and rooftop projects comprising approximately US$285 million in value in the UK,
Northern Ireland, Bulgaria and Greece. BNRG entered the US market in 2016, completing its first operational projects in 2018. The company currently has a pipeline of over 250 MW of projects in Oregon and Maine. For more information, please visit http://www.bnrg.ie/.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company‘s expectations.
Joseph Kuo / Chris Clemens
Haven Tower Group
(424) 317-4851 or (424) 317-4854
BNRG Renewables Ltd
+353 1 7917882