Greenbacker Renewable Energy Co. LLC has signed the rights to an approximately 110 MW portfolio of solar projects located in Greene and Albany counties, N.Y., from Hecate Energy LLC.
Construction and equipment procurement of the facilities commenced in 2019, with closings to take place throughout 2020. The facilities are expected to achieve commercial operations in 2021.
The portfolio will sell a portion of the renewable energy credits generated to an investment-grade off-taker through a 20-year fixed-price contract and will sell the remaining portion of energy and REC attributes generated to two utilities through fixed price 20-year contracts.
“After achieving operations, this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals,” says Charles Wheeler, CEO of Greenbacker. We hope to continue our renewable energy investment activities in New York and with Hecate in the months and years to come.”
With the addition of this portfolio, Greenbacker will own 731.5 MW of generating capacity, comprising 177.2 MW of wind facilities, 542.3 MW of solar facilities and 12.0 MW of biomass facilities.
Photo: Hecate Energy renewable energy projects