A subsidiary of Greenbacker Renewable Energy Co. LLC (GREC), an owner and operator of sustainable infrastructure and energy efficiency projects, has purchased an approximately 10 MW DC portfolio of pre-operational solar projects from ReneSola Power, a global solar project developer and operator.
Consisting of three ground-mounted commercial distributed generation sites in Utah, the behind-the-meter projects are expected to start construction in the third quarter and reach commercial operation by the end of the year. The transaction also allows GREC to expand its ongoing relationship with ReneSola Power.
“It’s extremely rewarding to be part of expanding renewable energy access in Utah,” says Charles Wheeler, CEO of GREC. “ReneSola Power’s extensive experience was a clear benefit in originating these solar projects. We look forward to working with them again on future sustainable energy endeavors.”
With the acquisition of these projects, Greenbacker owns approximately 1.10 GW of generating and storage capacity (including assets that are to be constructed), comprising 827.4 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16 MW of battery storage and 12 MW of biomass facilities.
The projects have secured strong offtake with two corporate counterparties, via 20-year solar equipment leases.
Photo: Charles Wheeler