A subsidiary of Greenbacker Renewable Energy Co. LLC has purchased the rights to a 21.2 MW portfolio of six distributed solar projects from a subsidiary of Clearway Energy Group LLC.
The projects, which are located in California, New Jersey and Maryland, are expected to reach commercial operations between June 2019 and March 2020.
Clearway will oversee the delivery of the projects to Greenbacker, which will be the owner and operator. Clearway was advised by the principals of EOS Capital Advisors LLC on the transaction. Last August, Clearway began operations as an independent enterprise formed from the completion of the sale of NRG Energy Inc.’s renewables platform and NRG’s controlling interest in NRG Yield Inc. to Global Infrastructure Partners.
The rooftop and ground-mount portfolio consists of 5.5 MW in California, 2.7 MW in New Jersey and 13.0 MW in Maryland. The projects are contracted with power purchase agreements for 20-25 years. The counterparties include Waste Management of Alameda County Inc., LafargeHolcim, and other commercial and industrial (C&I) off-takers.
“We are delighted to add more great projects to our already substantial 2019 construction-ready C&I pipeline,” states Charles Wheeler, CEO of Greenbacker. “We very much look forward to bringing them all online in the coming months and bringing low-cost renewable energy to our growing list of corporate partners.”
With the addition of this portfolio, Greenbacker will own approximately 378 MW of generating capacity (including assets that are to be constructed), comprising 62 MW of wind and 316 MW of utility-scale and distributed solar.