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Greenbacker Renewable acquires rights to 110-MW solar portfolio in New York

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Greenbacker Renewable acquires rights to 110-MW solar portfolio in New York

A wholly owned subsidiary of Greenbacker Renewable Energy Co. LLC signed the rights to an approximately 110-MW portfolio of three solar projects in Greene and Albany counties, N.Y., from Hecate Energy.

The projects, which are expected to achieve commercial operations in 2021, would increase the company's renewable portfolio to a 731.5-MW generating capacity, including assets that are to be constructed.

Once operational, the New York solar portfolio will generate enough electricity to power about 23,000 homes, according to a Jan. 6 news release. Part of the renewable energy credits of the portfolio will be sold to an investment-grade off-taker, while the remaining portion will be sold to two utilities, all through 20-year, fixed-price contracts.

"After achieving operations this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals," Greenbacker CEO Charles Wheeler said.

The transaction follows Greenbacker's recent purchase of rights to a 27.7-MW solar portfolio in Vermont from Encore Renewable Energy.