Greenbacker buys majority of 12.1 MW rooftop solar portfolio from OneRoof Energy

On the heels of a recent $25 million wind power investment, Greenbacker Renewable Energy Company acquired a controlling interest in a 12.1 MW portfolio of 1611 solar systems from a subsidiary of OneRoof Energy Inc., approximately for $19.75 million.

The 12.1 MW systems are located on residential rooftops across seven U.S. states, including New Jersey, Massachusetts, California, Maryland, Hawaii, New York, and Connecticut.

According to the terms mentioned on the transaction, Greenbacker was appointed as the managing member of the project portfolio and OneRoof would retain a residual interest and continue to perform general operation and maintenance functions of the system. The energy generated by the systems will be sold under 20-year power purchase agreements to the residential customers.

Charles Wheeler, CEO of Greenbacker stated that “Adding a large residential rooftop solar portfolio in partnership with OneRoof, who maintains an ongoing minority stake in the portfolio, adds significant diversification to Greenbacker’s current portfolio of solar and wind assets.”

“This segment of the market has become increasingly sophisticated, and opportunities for securitization of these portfolios provide significant upside potential.”

President and CEO of OneRoof, David Field said that, “This transaction is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model, which is focused on being a low-cost, capital-light, residential solar fulfillment platform, focused on partnering with scalable and low-cost sales partners.”

Source: PR Newswire