The acquisition includes a 25.6 MW solar Commercial & Industrial portfolio from IGS Solar
Image: Greenbacker has acquired 31.33MW solar projects from Sky Solar and IGS Solar. Photo: courtesy of schropferoval from Pixabay.
US-based Greenbacker Renewable Energy has acquired 31.33MW of solar projects from IGS Solar and Sky Solar.
Financial terms related to the acquisition were not disclosed.
Greenbacker has acquired the rights of a 25.6 MW solar Commercial & Industrial (C&I) portfolio from IGS Solar through the first transaction that is expected to be operational between the first quarter of 2019 and the third quarter of 2020.
The portfolio, which spans California, Colorado, Massachusetts, New Jersey, and Washington D.C., has contracts to supply power to seven separate off-takers. In the second transaction, the company has acquired a 5.74 MW Brattleboro landfill project in Brattleboro, Vermont from Sky Solar. The project reached commercial operation in July 2018
Greenbacker partnered with Scenic Hill Solar to construct 3.5MW project
The company has also signed a partnership deal with Scenic Hill Solar for a 3.5MW portfolio, which is to-be-constructed in Arkansas.
The Scenic Hill Solar project is expected to be operational this year.
Greenbacker CEO Charles Wheeler said: “Greenbacker is delighted to increase its footprint across the US and to continue to bring creative renewable energy solutions to its growing number of investors.
“As their children and grandchildren become more focused on environmental issues, investors are increasingly looking for high-impact investments that make a difference by reducing carbon emissions at the same time that they deliver stable current income and moderate capital appreciation – and the ongoing growth of our portfolio makes us well-positioned to address this demand.
“We very much enjoyed working with IGS Solar, Scenic Hill Solar, and Sky Solar on these acquisitions and partnerships and look forward to adding such an exceptional set of projects to Greenbacker’s portfolio.”
Following the acquisition of 110MW of operating wind projects from a major institutional investor, Greenbacker has acquired and signed a partnership for the solar projects.
With the acquisition of new projects, Greenbacker now owns 552MW of generating capacity that comprises a 172.3MW of wind facilities, 367.7MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.
In September 2019, the company acquired 80MW Iowa wind projects from BlackRock Real Assets’ Global Renewable Power platform.