Greenbacker Acquires Solar Portfolio Worth 110 MW in New York

Greenbacker Renewable Energy has signed the rights to an approximately 110 MW portfolio of solar projects located in Greene and Albany counties, New York

Greenbacker Renewable Energy has announced that, through a wholly-owned subsidiary, it has signed the rights to an approximately 110 MW portfolio of solar projects located in Greene and Albany counties, New York from Hecate Energy.

Construction and equipment procurement of the facilities commenced in 2019, with closings to take place throughout 2020 and the facilities are expected to achieve commercial operations in 2021.

The projects will strive to source labor, material, and equipment within the New York State, helping advance the state’s economy. Once operational, the NY Solar Portfolio will generate enough electricity to power approximately 23,000 homes.  The portfolio will sell a portion of the renewable energy credits generated to an investment-grade off-taker through a 20-year fixed-price contract and will sell the remaining portion of energy and REC attributes generated to two utilities through fixed-price 20-year contracts. 

“Greenbacker’s innovative approaches and strong financial commitment are helping drive the renewables revolution needed to address our significant energy and climate challenges,” said Chris Bullinger, President and CEO of Hecate Energy. “We are delighted to be partnering with them on this portfolio of projects and many more into the future.”

With the addition of the NY Solar Portfolio assets following all three project closings, the firm will own 731.5 MW of generating capacity (including assets that are to be constructed), comprising of 177.2 MW of wind facilities, 542.3 MW of utility-scale and distributed solar facilities, and 12.0 MW of biomass facilities.

“We are excited to partner with Hecate Energy LLC to develop and construct the NY Solar Portfolio, adding significant, high value and quality projects to our future pipeline,” said Charles Wheeler, CEO of Greenbacker. 

“After achieving operations this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals. We hope to continue our renewable energy investment activities in New York and with Hecate in the months and years to come.”