Company expands its Midwest footprint with a pair of to-be-constructed assets in the Mount Rushmore State
New York, NY, June 08, 2021 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased the 20-MWac West River portfolio of pre-operational solar projects from Energy of Utah.
The projects, West River Solar and West River Solar II, have a long-term Power Purchase Agreement (PPA) with investment-grade utility Basin Electric Power.
Both projects are located in Pennington County, SD, approximately one hour from Fall River Solar, an 80-MWac solar project GREC purchased near the end of 2020 from the same developer. The West River portfolio is expected to reach Commercial Operations in December 2022.
“We’re very excited to expand consumer access to cleaner, cheaper energy in South Dakota,” said Charles Wheeler, CEO of GREC. “We’re also pleased to be building our relationship with Energy of Utah, the original developer of the Fall River asset we acquired last year. We look forward to partnering with them on additional sustainable infrastructure projects in the future.”
With the acquisition of these projects, Greenbacker will own approximately 1.12 GW of generating capacity (including assets that are to be constructed), comprising 853.6 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Joseph Kuo / Chris Clemens
Haven Tower Group
(424) 317-4851 or (424) 317-4854