New York, NY, March 16, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 15.3 MW to-be-constructed wind project, (“RoxWind”) developed by Palmer Management Corporation (“Palmer”) and other parties. Located in Roxbury, Maine, RoxWind is contracted to sell electricity through long-term offtake agreements with four local municipal utilities. The project is expected to reach COD in Q3 2021.
“We are thrilled to continue expanding the scale and geographic diversity of our wind fleet as we acquire our first Maine-based wind facility.” said Charles Wheeler, CEO of Greenbacker. “It has been a pleasure working with the Palmer team on this deal and we look forward to continuing to work with them and the Town of Roxbury through the construction and start-up phases of the project.”
“This has been a cooperative effort with our Maine and Massachusetts partners, Horseshoe Valley Wind and Solaya Energy, as well as the Town of Roxbury which has been supportive of our efforts to bring a small wind farm on line in Roxbury,” stated Gordon Deane, President of Palmer. “We expect this transaction to be the first of many with Greenbacker as they expand their portfolio of renewable energy projects.”
With the addition of RoxWind, Greenbacker will own approximately 543.1 MW of generating capacity (including assets that are to be constructed), comprising 192.5 MW of wind facilities, 338.6 MW of utility-scale and distributed solar facilities, and 12.0 MW of biomass facilities.
Sheppard Mullin Richter & Hampton LLP was the legal advisor to Greenbacker for this transaction.
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 Palmer Management Corporation
Palmer Management is the management affiliate of Palmer Capital Corporation, which has developed and arranged financing for over $2.2 billion in non-conventional energy projects from Maine to Hawaii since 1982. As was done with RoxWind, Palmer frequently partners with local parties to supply expertise and capital necessary for the successive stages of a project’s design, permitting, contract execution, construction and operation. For more information, please visit www.palmcap.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: | Palmer: |
| Joseph Kuo / Chris Clemens | Lindsay Deane-Mayer |
| Haven Tower Group | Sr. VP – Business Development |
| 424 317 4851 or 424 317 4854 | 781 383 3200 |
| mediarelations@greenbackercapital.com | Lindsay@palmcap.com |