New York, NY, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 2-turbine 5MW wind Project, (“Holiday Hill”), from Cornerstone Renewables, LLC (“Cornerstone Renewables”). Located in Russell, Massachusetts, Holiday Hill is contracted to sell electricity through 25-year offtake agreements with three local utilities. The project reached COD in Q4 2019.
“The Holiday Hill project is an excellent addition to Greenbacker’s wind portfolio, providing long-term, investment-grade cash flows and furthering the expansion of our operating wind portfolio.” said Charles Wheeler, CEO of Greenbacker. “It has been a pleasure working with Cornerstone Renewables to bring this project to fruition.”
Alan Robinson, General Manager at Russell Municipal Light Department commented, “It’s an honor and a privilege to be a part of a project and community that genuinely cares about developing renewable energy for the future while safeguarding cost efficiency today.”
David Blittersdorf, renewable energy entrepreneur and owner of Cornerstone Renewables, LLC commented, “The carbon emissions crisis demands immediate action. Wind energy absolutely must be part of the solution. Community supported projects like Holiday Hill Community Wind provide a model for what other successful projects can look like in the coming years.”
With the addition of Holiday Hill, Greenbacker will own approximately 555.1 MW of generating capacity (including assets that are to be constructed), comprising 177.2 MW of wind facilities, 365.9 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 acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as Utilities, Municipalities, and Corporations. For more information, please visit www.greenbackercapital.com.
About Seller
Cornerstone Renewables LLC is a renewable energy development company from Vermont. Our mission is to save homeowners, businesses, nonprofits, and municipalities money by developing affordable and efficient renewable energy wind and solar systems to power our lives. We have over 38 years of experience in the wind industry and have installed over 2,600 solar trackers across the state of Vermont. Cornerstone is one of AllEarth Renewables Inc. family of companies. For more information, please visit www.cornerstonecommunityrenewables.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 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 Contacts:
Greenbacker:
Joseph Kuo / Chris Clemens
Haven Tower Group
424 317 4851 or 424 317 4854
mediarelations@greenbackercapital.com
Cornerstone Renewables:
Nick Charyk
(802) 917-2012
ncharyk@allearthrenewables.com