The acquisition is the first solar and storage project purchase for the company
The project will sell the power generated by it to the Platte River Power Authority (Credit: Sebastian Ganso from Pixabay)
Greenbacker Renewable Energy, through a wholly-owned subsidiary, has acquired the Rawhide Prairie Solar project located in Larimer County, Colorado, US.
The transaction includes acquisition of rights to a 29MW pre-operational solar project in combination with 1.3MW of battery storage.
Expected to enter into commercial operations in the fourth quarter of 2020, the project will sell the power generated by it to the Platte River Power Authority.
DEPCOM is the engineering, procurement and construction (EPC) contractor for the project.
The company and will also deliver operations and maintenance services for the project for the next seven years.
Greenbacker CEO, Charles Wheeler, said “We’re experiencing phenomenal growth in our solar portfolio and very pleased with our growing battery storage allocation.
“We closed the acquisition in under two months, which we were able to do by leveraging our team’s technical expertise in due diligence for an under-construction project and Greenbacker’s strong financing relationships.
“We look forward to working with DEPCOM’s industry leading team to complete the build and operation of the plant.”
The acquisition takes Greenbacker’s generating capacity to 592.8MW
The acquisition is the first solar and storage project purchase for Greenbacker. It is also its second battery storage acquisition.
Greenbacker has expanded its generating capacity to 592.8MW, with the acquisition of Rawhide Prairie Solar.
The company’s portfolio comprises of 192.6MW of wind facilities, 379MW of utility-scale and distributed solar facilities, 12MW of biomass facilities, and 9.2MW of battery storage.
In May, Greenbacker acquired rights to a 15.3MW to-be-constructed wind project, which was developed by Palmer and other parties.
The project is located in Roxbury, Maine, and is contracted to sell electricity through long-term offtake agreements with four local municipal utilities.