NEW YORK--(BUSINESS WIRE)--Greenbacker Renewable Energy Company LLC (“Company”) announced today that, through a wholly-owned subsidiary Six States Solar LLC (“Six States Solar”), it recently acquired twelve operating solar photovoltaic systems comprising 4.55 MW located in Arizona, California, Colorado, Connecticut and Indiana. The Six States Solar Portfolio now comprises 14 facilities leased from De Lage Landen Financial Services Inc. (DLL) plus the 12 recently acquired assets. With the addition of these new assets the average remaining life of the various power purchase agreements across the portfolio is approximately 15 years.
“We saw an opportunity to acquire a portfolio of operating solar assets located in markets we are very familiar with at an attractive price,” said Charles Wheeler, CEO of Greenbacker. “As owner of these assets, Six States Solar will achieve increased cash on cash yields across its portfolio.”
Once the construction of our partially completed facilities in Southern California and Colorado are concluded, the Company will own and operate in excess 256.4 MW of expected 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.