Greenbackerpurchased the rights to a 9.27MW portfolio of solar projects


Image: Greenbacker acquires 9.27 MW of solar energy projects. Photo: courtesy of jaidee from Pixabay.

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.

Source: Company Press Release