New York, NY, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“Company”) announced today that, through a wholly-owned subsidiary, it signed the rights to an approximately 110 megawatt portfolio of solar projects (“NY Solar Portfolio”) located in Greene and Albany counties, New York from Hecate Energy LLC (“Hecate”). 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 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.
“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.”
“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 Company 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.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that owns a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. For more information, please visit www.greenbackercapital.com
About Hecate
Headquartered in Chicago, Illinois with offices in California and Ohio, Hecate Energy is a developer of solar power plants, wind power plants, and energy storage solutions. Founded in 2012 by a team of energy industry veterans who have worked together for more than 20 years, Hecate Energy's team members have developed thousands of megawatts of electricity generation projects across the United States. They have entered into over 1.4 GW of renewable power purchase agreements since 2010 and have approximately 5 GW of additional projects currently under development.
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 the Company 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. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company‘s expectations.
Media Contact:
Joseph Kuo/ Chris Clemens
Haven Tower Group
424.317.4851 | 424.317.4854
Mediarelations@greenbackercapital.com
Gabe Wapner
Director of Development, Hecate Energy
518-788-7337