NEW YORK, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading climate-focused investment manager and independent power producer, has purchased, through a wholly owned subsidiary, three solar projects totaling 12 MWdc in southwestern Colorado from OneEnergy Renewables (“OneEnergy”).
With these projects, Greenbacker continues to scale its growing presence in the Colorado solar market. GREC currently owns several dozen solar energy projects, including one solar-plus-storage asset, in the state, representing more than 115 MWdc of solar energy projects (over 100 MWdc of which are operational).
The acquisition comprises the Rocky Ford (2.6 MWdc), Totten (2.8 MWdc), and Montezuma (6.5 MWdc) solar facilities, all slated to enter into commercial operation in mid-2023. Each project has a long-term power purchase agreement in place with high-credit-quality utility co-op offtakers.
The projects are part of Greenbacker’s second portfolio-level acquisition with OneEnergy, a deal that also includes solar energy assets in Wisconsin, Maryland, and Iowa. The first portfolio-level transaction encompassed a 24 MWdc portfolio of solar projects spanning eight sites in 2021, including four solar farms each in Minnesota and Wisconsin.
OneEnergy is a seasoned developer of both utility scale and community solar projects across the US. The company will continue to be involved with these three projects as the engineering, procurement, and construction services provider.
Greenbacker’s fleet of clean energy projects comprises nearly 3.4 gigawatts of generating and storage capacity, in service of the company’s mission to empower a sustainable world. Since 2016, Greenbacker’s real assets have produced over 7.4 million megawatt-hours1 of clean energy, abating more than 5.3 million metric tons of carbon.2 Today these projects support over 6,000 green jobs.3
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.
About OneEnergy Renewables
OneEnergy's mission is to fight climate change by making clean energy the number one electricity choice for consumers and utilities. With a 4+ GW pipeline across 19 states, OneEnergy is a leading developer, owner, and operator of solar and energy storage projects across the United States. The company has developed and sold 122 project sites, totaling more than 1.2GW of assets, in its 14 year history. OneEnergy is committed to elevating people and empowering communities to create a sustainable energy future. The company is based in Seattle, Washington with offices in Madison, Boulder, Portland, and Washington, D.C. For more information, please visit https://www.oneenergyrenewables.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update and forward-looking statement contained herein to conform to actual results or changes in its expectations.
| Media contacts: | |
| Greenbacker | OneEnergy |
| Chris Larson | Rayme Quiban |
| Media Communications | Associate, Operations |
| 646.569.9532 | 206.922.7951 |
| c.larson@greenbackercapital.com | rayme@oneenergyrenewables.com |
1 Data is as of June 30, 2023.
2 EPA Greenhouse Gas Equivalencies Calculator. Data is as of June 30, 2023.
3 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports approximately 4 jobs. Data is as of June 30, 2023.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa1b2dd1-b295-4bcb-b15b-5e15db82e289
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2b38650-f3a2-4787-9ae2-567fb74e65a9
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