NEW YORK--(BUSINESS WIRE)--Greenbacker Renewable Energy Company LLC (“Company”) announced that, through a wholly-owned subsidiary, it recently executed an agreement to acquire all of the outstanding equity of Sun Farm V LLC and Sun Farm VI LLC (“Tar Heel Solar II Portfolio”) from ET Capital. The Tar Heel Solar II Portfolio consists of 2 “to be constructed” solar photovoltaic systems comprising 13.5 MW located in the towns of Hertford and Bethel, North Carolina. The Company is currently in negotiations with a tax equity provider, as well as a financial institution to provide project level financing, upon reaching commercial operation date (“COD”). The projects, which are expected to reach COD by the end of the third quarter of 2018, will sell power to Dominion Energy through a 15-year power purchase agreement.
“With the Tar Heel Solar II Portfolio, we will be adding two commercial solar assets with an investment-grade utility off-taker to the Company’s portfolio,” said Charles Wheeler, CEO of Greenbacker. “We continue to execute high quality investments while expanding our pipeline of alternative energy assets throughout the United States.”
Once the construction of this portfolio as well as our other partially constructed facilities in Southern California and Colorado are completed, the Company expects to own and operate in excess 256.4 MW of generating capacity comprising 61.5 MW of Wind facilities and 194.9 MW of commercial and residential solar facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a publicly registered, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
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.