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Greenbacker Renewable acquires solar portfolio in Vermont

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Greenbacker Renewable acquires solar portfolio in Vermont

Greenbacker Renewable Energy Company LLC purchased the rights to a 27.7-MW solar portfolio in Vermont from Encore Renewable Energy.

Greenbacker Renewable also secured a $4 million equipment loan facility with Encore to support safe harbor efforts ahead of the investment tax credit phase-down scheduled for the end of the year, according to a Dec. 9 company news release.

The solar portfolio consists of 14 projects that are or will be contracted with various utilities, municipalities, universities and other businesses under 25-year power contracts. The projects are expected to reach completion over the next 12 months.