Greenbacker Renewable Energy Company LLC Acquires Solar Portfolio Totaling 5.9 MW

New York, NY, July 20, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“the Company”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a portfolio of 5.9 MW to-be-constructed solar projects, developed by Ameresco, Inc. The portfolio consists of sites in Massachusetts and New Jersey. In Natick, MA, 0.6 MW is contracted to the off-taker, Natick Public Schools. In Princeton, NJ, 5.2 MW is contracted to the off-taker, Boston Properties Limited Partnership. Both are expected to reach COD in Q3 2020.

“We see this as the beginning of a long and fruitful partnership with Ameresco.” said Charles Wheeler, CEO of Greenbacker. “Their goal of increasing market share for renewable energy aligns with our growth strategy and we hope to repeat our positive experience by working with them again in the future.”

“Greenbacker continues to prove itself as a trusted project equity partner to the development community,” said Doran Hole, Chief Financial Officer of Ameresco, Inc.  “As one of the largest distributed renewable energy asset developers in the country, the opportunity to efficiently execute portfolio transactions with Greenbacker helps us further our comprehensive clean energy initiatives.  Furthermore, our continued involvement in the construction, operation and maintenance of the projects allows us to continue to provide best in class service to our customers.” 

With this acquisition of the Ameresco portfolio, Greenbacker will own approximately 551.1MW of generating capacity (including assets that are to be constructed), comprising 192.6MW of wind facilities, 338.6MW of utility-scale and distributed solar facilities, 12.0MW of biomass facilities, and 7.9 MW of batter storage.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liabenergility 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 Ameresco

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,100 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.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 any forward-looking statement contained herein to conform to actual results or changes in its expectations.

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