Greenbacker Renewable Energy Company, through a wholly-owned subsidiary, has signed the rights to an approximately 110MW portfolio of solar projects located in Greene and Albany counties, New York, from Hecate Energy.
Both the construction and equipment procurement of the facilities began in 2019, with closings expected to take place throughout 2020. These PV facilities are expected to achieve commercial operations in 2021.
Once operational, this pipeline of PV projects in New York 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. It will then sell the remaining portion of energy and REC credits to two utilities through fixed price 20-year contracts.
Charles Wheeler, CEO of Greenbacker, said: “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. 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.”
Chris Bullinger, president and CEO of Hecate Energy, added: “Greenbacker’s innovative approaches and strong financial commitment are helping drive the renewables revolution needed to address our significant energy and climate challenges. We are delighted to be partnering with them on this portfolio of projects and many more into the future.”
With the addition of this New York PV pipeline, Greenbacker will own 731.5MW of generating capacity (including assets that are to be constructed), comprising of 177.2MW of wind facilities, 542.3MW of utility-scale and distributed PV facilities, and 12MW of biomass facilities.