New York, NY, June 21, 2023 — Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (“BESS”) project in Imperial County, California from SunCode LLC (“SunCode Energy”). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM’s clean energy fleet.

With the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville’s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.¹

“Utility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,” said Mehul Mehta, CIO of Greenbacker. “Our successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.”

Greenbacker’s largest standalone energy storage project

Holtville represents the company’s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.

“We are excited to partner with Greenbacker on its largest standalone energy storage project,” said XJ Chen, Managing Director of SunCode Energy. “We are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.”

The project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy. 

Energy storage is set to play an essential role in reaching California’s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.

1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).

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New York, NY, November 15, 2022 — Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings (“ReneSola”). When completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers’ access to cheaper solar power.

Construction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year. With a combined clean power–generation capacity of 8.7 MWdc, the portfolio will supply New Yorkers with enough cheaper renewable energy to power, on average, 1653 homes a year.¹

Two of the projects are set to participate in the Solar For All program,² a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.³

“Equitable access to solar power is critical to a sustainable energy transition, and we’re delighted that Greenbacker’s third community solar collaboration with ReneSola will help provide that access—particularly in our own neck of the woods,” said Mehul Mehta, CIO of Greenbacker, which is based in New York. “We look forward to continuing our successful track record and bringing more new solar power to the grid together.”

The transaction is the latest in a history of successful clean energy partnerships between Greenbacker and its affiliates and ReneSola, an established renewables developer with a healthy pipeline of community and utility-scale solar projects, as well as energy storage.

“We are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,” said John Ewen, CEO of ReneSola North America. “ReneSola shares Greenbacker’s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic.”

Since 2017, Greenbacker Renewable Energy Company—a clean energy infrastructure business affiliated with GCM—has purchased a North Carolina solar farm, three solar energy projects in Utah, and four Maine community solar assets from ReneSola.

1 What’s in a Megawatt?, Solar Energy Industries Association.

2 Solar for All, New York state website.

3 New York state website.

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New York, NY, November 03, 2022 — Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has partnered, through an affiliated investment vehicle, on a to-be-constructed 200 MWac / 240 MWdc solar plant in Iron County, Utah with rPlus Energies LLC (“rPlus”), a preeminent utility-scale renewable energy developer.

The Appaloosa Solar 1 project (“Appaloosa”) is now the second largest renewable energy project in the overall Greenbacker fleet, in terms of clean power–generation capacity. The asset that previously held that title recently entered commercial operation in neighboring Carbon County: the 80 MWac / 104 MWdc Graphite Solar (Greenbacker Renewable Energy Company’s largest operational solar energy project to date).

Appaloosa reunites many of Greenbacker’s project partners involved with Graphite, which was developed, built, and commissioned by rPlus. Sundt Renewables is again providing engineering, procurement, and construction services. Like Graphite, Appaloosa has a long-term power purchase agreement in place with utility PacifiCorp on behalf of Meta. The contract was developed under Rocky Mountain Power’s Schedule 34 green energy tariff, which allows large customers to purchase renewable energy generated on their behalf.

“Building durable partnerships is critical to building the future of energy,” said Ben Tillar, VP of Investments at Greenbacker. “We’re excited to continue collaborating with these industry experts on utility-scale solar plants like Appaloosa, which will support green jobs, diversify the region’s energy infrastructure, and help Utah run on cost-effective renewable power.”

rPlus, Sundt, and Greenbacker hosted a groundbreaking ceremony to celebrate the beginning of the project’s construction. At the September 12 event, project partners spoke on the environmental and economic benefits that investing in renewable energy projects like Appaloosa can provide, including in the communities that host them.

“We are thrilled to be working with Greenbacker again,” said Luigi Resta, President and CEO of rPlus Energies. “They have proven to be great partners that share similar feelings of responsibility and deep respect to the communities we are developing in.”

Appaloosa’s construction is expected to rely on many local vendors, bringing patrons to local businesses, delivering revenue to the area, and supporting approximately 250 construction-related green energy jobs. When complete, Appaloosa is expected to generate enough annual clean power to abate over 260,000 metric tons of carbon.¹

1Per latest Independent Engineering Report.

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New York, NY, October 12, 2022 — Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a 3.9 MWdc to-be-constructed solar farm from Sun Tribe Development (“Sun Tribe”), one of the fastest growing clean energy developers in the Mid-Atlantic region.

The Wood Brothers Road Solar project is Greenbacker’s first clean energy asset in Virginia. It has a long-term power purchase agreement in place to sell energy, capacity, ancillary services, and renewable energy credits to an investment-grade utility. The acquisition contributes to Greenbacker’s strategy of owning and operating renewable energy assets that seek to provide reliable long-term revenue.

The solar project will be located on a portion of an active soybean farm in Middlesex County, where it’s slated to reach commercial operation in the first half of 2024. Along with adding solar energy to the farm’s harvest, Wood Brothers also provides supplemental income to the landowner in the form of land lease payments over the lifetime of the project.

“We’re proud to expand Greenbacker’s fleet of renewables projects into new territory with our first clean energy asset in Virginia,” said Mehul Mehta, CIO of Greenbacker. “Collaborating with Sun Tribe’s solar development experts has led to a great example of a win-win project that will deliver cheaper clean power to Virginia, while making responsible dual use of the farmland it sits on.”

The acquisition represents Greenbacker’s first clean energy collaboration with Sun Tribe, a developer with over 100 renewables projects in Virginia.

“As a Virginia-based company, the transition of the energy economy occurring in the Commonwealth is something we’re extremely proud to be a part of,” said Danny Van Clief, CEO of Sun Tribe Development. “Landowners, local governments, and energy buyers put their trust in us to help them participate meaningfully in that transition. When our work is complete and meets the standards of an elite owner-operator such as Greenbacker, we feel we’ve earned that trust.”

Virginia offers a growing market for renewable energy projects. The Virginia Clean Economy Act (VCEA) passed in 2020 set the state on a path to more than double its solar energy capacity and mandated that Virginia’s two major regulated utilities achieve 100% clean energy by 2045 and 2050, respectively.¹

The Greenbacker Development Opportunities Fund I, LP, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, made a strategic investment in the Virginia-based Commonwealth Energy Partners in 2021.

1 “Virginia passes landmark solar legislation,” Solar United Neighbors, Ben Delman, March 10, 2020.

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