Greenbacker acquires US$6 million solar portfolio from TerraForm Power subsidiary

Latest

Facebook
Twitter
LinkedIn
Reddit
Email
This transaction follows the US$800,000 purchase of a 2.5MW portfolio of residential solar assets from TerraForm in March. Source: SunEdison

Kansas City, Missouri-based developer Greenbacker Renewable Energy has acquired a portfolio of operating residential PV assets worth around US$6 million from an unnamed TerraForm Power subsidiary.

The transaction is expected to close before the end of the month.

The portfolio consists of 1,252 operating residential systems with a generating capacity of 8.9MW located across Arizona, California, Connecticut, Massachusetts, Maryland, Nevada, New Jersey and New York. All the systems still remain within existing PPAs that had original agreement terms of 20 years – now with a weighted average remaining life of 18.6 years.

“An investment such as this continues to add significant geographic and financial diversification to Greenbacker’s current portfolio of solar assets,” said Charles Wheeler, CEO of Greenbacker. “While we strategically invest in select residential solar assets from time to time, we continue to implement our broader strategy of acquiring high quality commercial renewable energy assets.”

This transaction follows the US$800,000 purchase of a 2.5MW portfolio of residential solar assets from TerraForm on 31 March 2017. That portfolio was contracted under a 20-year PPA and REC agreements with the Denver Housing Authority and utility Xcel Energy.

The US-centric yieldco of bankrupt renewables firm SunEdison continues to take steps to become independent of its parent company

14 March 2023
PV CellTech will be return to Berlin on 14-15 March 2023 and looking at the competing technologies and roadmaps for PV cell mass production during 2024-2026.
3 May 2023
Large Scale Solar Summit is coming back to the US after a sell-out year in 2022! Designed as a meeting place for deal-making, we will not only discuss the most up to date topics and technologies but will also provide varied networking platforms so that developers, EPCs, manufacturers, asset owners, and investors can connect with possible clients and partners. Join us in Texas to meet with the top players in the industry and expand your network as business booms.
6 June 2023
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2023 & 2024. We'll also be gathering the main players in the US solar market for some wine tasting!
27 June 2023
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!

Read Next

Subscribe to Newsletter

Most Read

Upcoming Events