New York, NY, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC”) announced today that, through a wholly-owned subsidiary, it purchased a to-be-constructed 80 MW solar project from Broad Reach Power LLC. The project, Fall River Solar, is located in Fall River County, South Dakota and has a 20-year Power Purchase Agreement (“PPA”) in place with the investment-grade utility Black Hills Power, Inc. (“BHP”). Greenbacker will oversee the construction which is expected to reach COD in Q4 2022.
“We’re excited to have worked with Broad Reach Power on our largest solar project to date.” said Charles Wheeler, CEO of Greenbacker. “Expanding our solar portfolio in South Dakota will provide a clean energy option and a source for local employment in the state. We see tremendous potential in large scale pipeline investments such as Fall River Solar for both the people of South Dakota and our shareholders.”
“We also enjoyed our collaboration with the Greenbacker team and look forward to seeing this project continue to advance,” added Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik.
With the acquisition of Fall River Solar, Greenbacker will own approximately 753.5 MW of generating capacity (including assets that are to be constructed), comprising 529.8MW of utility-scale and distributed solar facilities, 192.6MW of wind facilities, 19.1 MW of battery storage, and 12.0MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy 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 Broad Reach Power
Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.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.
Media Contacts:
| Greenbacker: Joseph Kuo / Chris Clemens Haven Tower Group 424 317 4851 or 424 317 4854 mediarelations@greenbackercapital.com | Broad Reach Power Mike Gehrig Pierpont Communications 512 448-4950 mgehrig@piercom.com |