NEW YORK--(BUSINESS WIRE)--Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 10.8 megawatt (MW) portfolio of two solar projects (“Project Blue Star” and “Project Phoenix”, collectively the “Phoenix Solar Portfolio”) from Sol Systems. The Phoenix Solar Portfolio projects, which are located in Kent County and Prince Georges County, Maryland, are expected to reach commercial operation by June 2019. Sol Systems will oversee the delivery of both projects to the Company who will be the owner and operator.
Project Blue Star, a 7.8 MW ground mount located in Chestertown, Maryland, is contracted with a facility power purchase agreement for 25 years with Washington College, a private liberal arts college founded in 1782. The site will include buffer vegetation and robust habitat preservation.
Project Phoenix, a 3 MW Prince George’s County project located in Capitol Heights, Maryland is contracted for 12 years with a wholly-owned subsidiary of WGL Holdings, a public utility holding company serving the greater Washington DC area. The first-of-its-kind renewable energy development project in Prince George’s County, the facility will be located on a site that has remained vacant for 30 years and has been deemed unsuitable for residential development. The solar project will produce enough energy to power 333 homes, and it is expected to contribute approximately $1.4 million in total tax revenue to the county over its length of service.
“The Phoenix Solar Portfolio is an excellent addition to the Company’s solar portfolio, providing long-term, investment grade cash flows and furthering the Company’s targeted expansion into net-metered and utility scale wind and solar assets”, said Charles Wheeler, CEO of the Company. “Sol Systems has proven its ability to deliver high quality projects and we are excited to deepen our relationship with one of the leading renewable energy firms in the United States.”
“Sol Systems is delighted to reach this milestone for these projects, and to work with such dedicated professionals from the Greenbacker team,” said Andrew Gilligan, VP of Development at Sol Systems.
With the addition of the Phoenix Solar Portfolio, the Company will own approximately 290 MW of generating capacity (including assets that are to be constructed) comprising 62 MW of wind facilities and 228 MW of utility-scale and distributed solar facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. For more information, please visit www.greenbackercapital.com.
About Sol Systems
Sol Systems is one of the preeminent solar finance and development firms in the United States. Over the last 10 years, Sol Systems has delivered more than 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies. Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for five years.
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.