Through a subsidiary, Greenbacker Renewable Energy Co. LLC recently acquired all of the outstanding equity of SunFarm V LLC and Sun Farm VI LLC in North Carolina.
The SunFarm portfolio, located in Perquimans County, consists of two solar photovoltaic systems comprising 13.9 MW. The projects will be placed in service this quarter and will sell power to an investment-grade utility off-taker through a 15-year, fixed-price power purchase agreement.
With the addition of these two solar assets, the company now owns approximately 278.7 MW of generating capacity (including to-be-constructed assets), comprising 61.5 MW of wind facilities and 217.2 MW of commercial and residential solar facilities.
Charles Wheeler, CEO of Greenbacker, says, “We continue to evaluate numerous high-quality alternative energy opportunities with a focus on investing the majority of our available cash balances over the coming months in new projects.”