Greenbacker Acquires Five Operating N.C. Solar Projects 

Greenbacker Renewable Energy Co. LLC has signed a purchase agreement to acquire five operating ground-mounted solar PV systems comprising 27.8 MW located throughout eastern North Carolina for approximately $20.5 million.

Deemed the Raleigh Portfolio, the group of projects was being sold by FTI Capital Advisors LLC, a capital markets and banking advisor, on the behalf of the current owner Conergy Projects Inc. The projects were placed in service throughout 2015 and sell power to Duke Energy through a 15-year power purchase agreement (PPA), with approximately 13 years currently remaining. According to Greenbacker, the pricing on the PPA is based on time of day production that equals approximately a $0.066/kWh rate with no annual escalations over the contract period. All of the systems qualify for renewable energy credits in North Carolina, which are contracted to be sold at $5.00/MWh during the PPA term, and one of the projects also has a contract for $1.00/MWh for approximately 10 additional years.

“With this latest acquisition, we continue to build upon our portfolio of investment-grade utility solar assets,” says Charles Wheeler, CEO of Greenbacker. “While we have recently diversified our portfolio to include wind and residential solar assets as well, we continue to actively source and build upon a large pipeline of good solar assets in many areas of the United States.”

With the addition of the Raleigh Portfolio, Greenbacker says it now owns approximately 149.5 MW of generating capacity, including 45.5 MW of wind facilities and 104.0 MW of commercial and residential solar facilities.


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