Greenbacker Renewable Energy Corp. has reached an agreement with Prism Power Partners to acquire Electric City Solar, a 19 MW construction-ready solar project in Michigan with a 25-year municipal offtake agreement.
Electric City is expected to begin construction in the first quarter of 2020 and reach commercial operations in the summer of 2020.
“Having started solar project development efforts in Michigan in late 2017, Prism is very pleased to work with Greenbacker as our financial partner to advance this project into construction,” says Randall Wood, managing member of Prism.
“The Electric City Solar project brings significant long-term economic development, low cost renewable energy, and property tax benefits to the local community, and the project represents the greater market trend in Michigan towards solar as a cost-effective source of energy.”
Sheppard Mullin Richter & Hampton LLP is the legal advisor to Greenbacker. Nixon Peabody LLP is the legal advisor on this transaction for Prism.
With the addition of this Project, Greenbacker will own approximately 616.6 MW of generating capacity (including assets that are to be constructed), comprising 177.3 MW of wind facilities, 427.3 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.