Greenbacker Renewable Energy Co. LLC, through a wholly owned subsidiary, has acquired all of the outstanding equity of North Palm Springs Investments LLC (Golden Horizons Portfolio) for approximately $7.7 million.
The Golden Horizons Portfolio consists of two operating solar PV systems totaling 7.7 MW located in North Palm Springs, Calif. LDK Solar USA Inc., the seller of the Golden Horizons Portfolio, was represented by FTI Capital Advisors LLC, a capital markets and banking advisor, in connection with the sale. The projects were placed in service throughout 2011 and sell power to Southern California Edison through a 20-year power purchase agreement, with 14 years currently remaining.
“With the Golden Horizons Portfolio, we add two commercial solar assets with an investment-grade utility off-taker to the company’s portfolio” says Charles Wheeler, CEO of Greenbacker. “We continue to execute high-quality investments while expanding our pipeline of alternative energy assets throughout the United States.”
With the addition of these solar assets, Greenbacker now owns approximately 158.9 MW of generating capacity comprising 45.5 MW of wind facilities and 113.4 MW of commercial and residential solar facilities.