Greenbacker acquires three community solar projects in New York

NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings (“ReneSola”). When completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers’ access to cheaper solar power.

Construction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year. With a combined clean power–generation capacity of 8.7 MWdc, the portfolio will supply New Yorkers with enough cheaper renewable energy to power, on average, 1653 homes a year.¹

Two of the projects are set to participate in the Solar For All program,² a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.³

“Equitable access to solar power is critical to a sustainable energy transition, and we’re delighted that Greenbacker’s third community solar collaboration with ReneSola will help provide that access—particularly in our own neck of the woods,” said Mehul Mehta, CIO of Greenbacker, which is based in New York. “We look forward to continuing our successful track record and bringing more new solar power to the grid together.”

The transaction is the latest in a history of successful clean energy partnerships between Greenbacker and its affiliates and ReneSola, an established renewables developer with a healthy pipeline of community and utility-scale solar projects, as well as energy storage.

“We are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,” said John Ewen, CEO of ReneSola North America. “ReneSola shares Greenbacker’s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic.”

Since 2017, Greenbacker Renewable Energy Company—a clean energy infrastructure business affiliated with GCM—has purchased a North Carolina solar farm, three solar energy projects in Utah, and four Maine community solar assets from ReneSola.

About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.

About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management, and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the US and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota, and New York.

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.

¹ What’s in a Megawatt?, Solar Energy Industries Association.
² Solar for All, New York state website.
³ New York state website.