New York, NY, March 09, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly owned subsidiary, it purchased the rights to an approximately 7MW solar portfolio from HESP Solar. Located in New York, New Jersey, and Washington DC, the portfolio is contracted to sell power to multiple investment grade municipal and corporate offtakers. The project reached commercial operations in November 2017 and January 2018.
“With this solar portfolio acquisition, we continue to expand our operating portfolio, adding assets with proven performance,” said Charles Wheeler, CEO of Greenbacker. “We are pleased to continue to execute on our pipeline of operating renewable energy projects which meet the Company’s investment criteria.”
With the addition of the Portfolio, Greenbacker will own approximately 556.7 MW of generating capacity (including assets that are to be constructed), comprising 177.3 MW of wind facilities, 367.4 MW of utility-scale and distributed solar facilities, and a 12 MW biomass facility.
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 HESP
Founded in 2015, HESP is a solar financier and Power Purchase Agreement provider that has successfully developed over 70MW solar, with an additional 25MW in planning or construction phases and a municipal, commercial and industrial pipeline of over 50MW. They specialize in providing commercial, industrial and municipal customers a hassle-free way to significantly reduce their carbon footprint as well as their energy costs through the generation of renewable solar energy.
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