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 21.2 megawatt (MW) portfolio of six distributed solar projects (“DG Solar Portfolio”) from a subsidiary of Clearway Energy Group LLC (“Clearway”). Clearway was advised by the principals of EOS Capital Advisors LLC. The DG Solar Portfolio projects, which are located in California, New Jersey and Maryland, are expected to reach commercial operation between June 2019 and March 2020. Clearway will oversee the delivery of the projects to the Company who will be the owner and operator.
DG Solar Portfolio consists of 5.5 MW in California, 2.7 MW in New Jersey and 13.0 MW in Maryland and is comprised of a mix of ground mount and rooftop systems. DG Solar Portfolio is contracted with facility power purchase agreements for 20 to 25 years. The counterparties include Waste Management of Alameda County, Inc., LafargeHolcim and other investment grade rated commercial and industrial offtakers.
“We are delighted to add more great projects to our already substantial 2019 construction-ready C&I pipeline,” said Charles Wheeler, CEO of the Company. “We very much look forward to bringing them all on-line in the coming months and bringing low-cost renewable energy to our growing list of corporate partners.”
With the addition of the DG Solar Portfolio, the Company will own approximately 378 MW of generating capacity (including assets that are to be constructed) comprising 62 MW of wind facilities and 316 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.
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.