Greenbacker Acquires 19 MW Solar Project in Michigan

Greenbacker has reached an agreement with Prism Power Partners to acquire a 19 MW construction-ready solar project in Michigan

Greenbacker Renewable Energy Corporation has reached an agreement with Prism Power Partners to acquire Electric City Solar, a 19 MW construction-ready solar project in Michigan with a 25-year municipal off-take agreement. The transaction marks another successful acquisition of a contracted utility-scale solar project for Greenbacker.

“Greenbacker is excited to acquire a long-term contracted asset in a new and appealing region,” said Charles Wheeler, CEO of Greenbacker. “We are grateful for the opportunity to develop a relationship with Prism and are excited to support the State of Michigan with their clean energy targets.”

Electric City is expected to begin construction in Q1 2020 and reach commercial operations in the Summer of 2020.

“Having started solar project development efforts in Michigan in late 2017, Prism is very pleased to work with Greenbacker as our financial partner to advance this project into construction,” said Randall Wood, Managing Member of Prism. “The Electric City Solar project brings significant long-term economic development, low-cost renewable energy, and property tax benefits to the local community and the project represents the greater market trend in Michigan towards solar as a cost-effective source of energy.”

With the addition of this Project, Greenbacker will own approximately 616.6 MW of generating capacity (including assets that are to be constructed), comprising 177.3 MW of wind facilities, 427.3 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.

Recently, we had reported that the firm completed a USD 68 million debt financing agreement with Bayerische Landesbank. It was announced that the debt will be placed on a portfolio of three operating wind assets, two of which were previously unlevered. The portfolio consists of the 10 MW Georgia Mountain Community Wind asset, the 10 MW Fossil Gulch asset, and the recently acquired 30.8 MW Community Wind South asset. Pricing details for the agreement were not disclosed.