Greenbacker Renewable Energy Company LLC Acquires 29 MW Solar Portfolio and 1.3 MWac Battery Storage
- Sep 21, 2020 2:42 pm GMTSep 21, 2020 6:22 pm GMT
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New York, NY, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“Greenbacker”) announced today that, through a wholly-owned subsidiary, it purchased the rights to a 29 MWdc / 22 MWac pre-operational solar project in combination with 1.3 MWac of battery storage. The project, known as Rawhide Prairie Solar, is located in Larimer County, Colorado. The offtaker is Platte River Power Authority. The project is expected to reach COD in Q4 2020. DEPCOM Power Inc., (DEPCOM) is the EPC contractor and will provide O&M services contractually for the next seven years. This is the second battery storage acquisition and the first combination solar and storage purchase by Greenbacker.
“We’re experiencing phenomenal growth in our solar portfolio and very pleased with our growing battery storage allocation.” said Charles Wheeler, CEO of Greenbacker. “We closed the acquisition in under two months, which we were able to do by leveraging our team's technical expertise in due diligence for an under-construction project and Greenbacker's strong financing relationships. We look forward to working with DEPCOM’s industry leading team to complete the build and operation of the plant.”
With the acquisition of Rawhide Prairie Solar, Greenbacker will own approximately 592.8 MW of generating capacity (including assets that are to be constructed), comprising 192.6 MW of wind facilities, 379.0 MW of utility-scale and distributed solar facilities, 12.0 MW of biomass facilities, and 9.2 MW of battery storage.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability 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.
About DEPCOM Power
DEPCOM Power is a partner in utility scale solar for: Project Development Support, Engineering, Procurement & Construction and Operations and Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly experienced solar team, technology and agnostic top-tier solar modules, and cost- effective balance of system components to provide optimum levels of agility, price and quality for utility scale solar. For more information about DEPCOM Power, please visit www.depcompower.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
Source: Greenbacker Renewable Energy Company LLC