NEW YORK, May 03, 2022 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“Greenbacker” or “GREC”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC (“Hecate”).
Once completed, the three projects—all located in Greene County, in upstate New York—will deliver 50 MWac of solar power to consumers in the tri-state area. On average, they’re expected to generate enough solar energy to power approximately 9,500 homes. All three projects are slated to reach commercial operation in 2023. Each comes with a long-term contract in place with an investment-grade offtaker, which will provide reliable long-term revenue to Greenbacker.
The acquisition represents Greenbacker’s second closed transaction with Hecate. Greenbacker also has signed agreements with Hecate to develop a number of additional solar assets in New York—a pipeline totaling hundreds of megawatts of clean energy over the next few years. Previously, GREC had acquired two 20-MWac utility-scale solar projects (Albany 1 and Albany 2) from the developer, both of which are slated to enter commercial development in late 2022. All of these projects will help the state progress toward its climate goals, including a carbon neutral economy, 70% renewable energy power generation by 2030, and zero-emissions electricity by 2040.1
Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including the three Greene projects and other assets that are to be constructed). Since 2016, Greenbacker’s real assets have produced more than 3.7 million megawatt-hours2 of clean energy, abating nearly 2.7 million metric tons of carbon.3 Today these projects support over 4,600 green jobs.4
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and income generation creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.
About Hecate Energy
Headquartered in Chicago, Hecate Energy is a developer of solar power plants, wind power plants, and energy storage solutions. Founded in 2012 by a team of energy industry veterans who have worked together for more than 20 years, Hecate Energy has a 40+ GW development pipeline of projects, including several projects in New York and the Northeastern United States.
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.
Greenbacker media contact
Chris Larson
Senior Writer & Media Communications
847.313.9035
c.larson@greenbackercapital.com
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1 https://climate.ny.gov/Our-Climate-Act/Draft-Scoping-Plan, January 2022.
2 Data is as of December 31, 2021.
3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of December 31, 2021.
4 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports 5.8 jobs. Data is as of December 31, 2021.
