Greenbacker Renewable Energy Co. LLC (GREC), a climate-focused investment manager and independent power producer, has purchased, through a wholly owned subsidiary, three solar projects totaling 12 MW DC in southwestern Colorado from OneEnergy Renewables.
With these projects, Greenbacker continues to scale its growing presence in the Colorado solar market. GREC currently owns several dozen solar energy projects, including one solar-plus-storage asset, in the state, representing more than 115 MW DC of solar energy projects (over 100 MW DC of which are operational).
The acquisition comprises the Rocky Ford (2.6 MW DC), Totten (2.8 MW DC) and Montezuma (6.5 MW DC) solar facilities, all slated to enter into commercial operation in mid-2023. Each project has a long-term power purchase agreement in place with high-credit-quality utility co-op offtakers.
The projects are part of Greenbacker’s second portfolio-level acquisition with OneEnergy, a deal that also includes solar energy assets in Wisconsin, Maryland and Iowa. The first portfolio-level transaction encompassed a 24 MW DC portfolio of solar projects spanning eight sites in 2021, including four solar farms each in Minnesota and Wisconsin.
OneEnergy is a seasoned developer of both utility-scale and community solar projects across the U.S. The company will continue to be involved with these three projects as the engineering, procurement and construction services provider.
Photo by Caleb Kastein on Unsplash