Solar finance and development firm Sol Systems has sold the rights to a 10.8 MW portfolio of two Maryland solar projects – Blue Star and Phoenix – to Greenbacker Renewable Energy Co. LLC.
The projects, together called the Phoenix Solar Portfolio, are expected to reach commercial operation by June 2019. Sol Systems will oversee the delivery of both projects, and Greenbacker will be the owner and operator.
Blue Star, a 7.8 MW ground-mount installation located in Chestertown, has a 25-year power purchase agreement with Washington College, a private liberal arts school. The solar site will include buffer vegetation and habitat preservation.
Phoenix, a 3 MW project located in Capitol Heights, is contracted for 12 years with off-taker WGL Energy Services Inc., a public utility holding company serving the greater Washington, D.C., area. The solar project will be located on a site that has remained vacant for 30 years and has been deemed unsuitable for residential development. The facility will produce enough energy to power 333 homes, and it is expected to contribute approximately $1.4 million in total tax revenue to Prince George’s County over its length of service.
“These projects are an excellent addition to Greenbacker’s solar portfolio, providing long-term, investment-grade cash flows and furthering our targeted expansion into net-metered and utility-scale wind and solar assets,” comments Charles Wheeler, CEO of Greenbacker.
With the addition of the Phoenix Solar Portfolio, Greenbacker will own approximately 290 MW of generating capacity (including assets that are to be constructed), comprising 62 MW of wind and 228 MW of utility-scale and distributed solar.