Three new ground-mounted subsystems expand solar fleet in the beehive state
New York, NY, April 08, 2021 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly-owned subsidiary, it purchased an approximately 10 MWdc portfolio of pre-operational solar projects from ReneSola Power (NYSE: SOL).
The projects have secured strong offtake with two corporate counterparties, via 20-year solar equipment leases.
Consisting of three ground-mounted commercial distributed generation sites in Utah, the behind-the-meter projects are expected to start construction in the third quarter of 2021 and reach commercial operation by the end of the year. The transaction also allows GREC to expand its ongoing relationship with ReneSola Power, an established developer with a robust pipeline of community and utility-scale solar projects and battery storage systems.
“It's extremely rewarding to be part of expanding renewable energy access in Utah.” said Charles Wheeler, CEO of GREC. “ReneSola Power were a pleasure to partner with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to working with them again on future sustainable energy endeavors.”
Mr. John Ewen, CEO of ReneSola Power North America, commented, "Greenbacker will be an excellent partner in this portfolio, and we are thrilled to close the sale transaction. We look forward to collaborating with them on other opportunities."
With the acquisition of these projects, Greenbacker owns approximately 1.10 GW of generating and storage capacity (including assets that are to be constructed), comprising 827.4 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The company focuses on solar power project development, construction management, and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the company has a market-leading position in several geographies, including Poland, Hungary, Minnesota, and New York.
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 Greenbacker 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. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.