Greenbacker Renewable Energy Company LLC (GREC), through a wholly owned subsidiary, has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC. Once completed, the three projects – all located in Greene County, in upstate New York – will deliver 50 MW AC of solar power to consumers in the tri-state area.
All three projects are slated to reach commercial operation in 2023. Each comes with a long-term contract in place with an investment-grade offtaker, which will provide reliable long-term revenue to Greenbacker.
The acquisition represents Greenbacker’s second closed transaction with Hecate. Greenbacker also has signed agreements with Hecate to develop a number of additional solar assets in New York – a pipeline totaling hundreds of MWs of clean energy over the next few years. Previously, GREC had acquired two 20 MW AC utility-scale solar projects (Albany 1 and Albany 2) from the developer, both of which are slated to enter commercial development in late 2022.