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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Livermore, California, September 27, 2021 — Today at Altamont Pass in Livermore, California, East Bay Community Energy (EBCE), one of California’s most successful community choice power agencies, marked the commercial commencement of the Scott Haggerty Wind Energy Center, a re-powered source of clean energy for residents within its district spanning 14 cities and Alameda County.

The ribbon-cutting, which involves key partners and stakeholders, including Golden Gate Audubon Society, California Department of Fish and Wildlife (CDFW), US Fish and Wildlife (USFW) and others, is emblematic of what EBCE sees as a new era for inclusive energy. The new facility represents a $20 million investment into Alameda County through tax revenue to support public services and will also sustain numerous clean energy jobs across operations and maintenance, following an initial output of more than 115,000 hours of union labor.

“The ribbon-cutting at Altamont today underscores what we can accomplish when community organizations have a voice in the development process of our clean energy choices,” said Corina Lopez, Board Vice Chair at EBCE and City Council Member for San Leandro. “We look forward to meeting our goal of providing all our customers with 100% clean energy by 2030, well ahead of California’s official 2045 target date.”

EBCE’s new project honors Scott Haggerty, a 20+ year advocate for Alameda County, and replaces 569 one-hundred-kilowatt turbines with 23 state-of-the-art environmentally and wildlife-friendly turbines. The new wind farm will produce lower-cost electricity for thousands of residents and businesses who rely on EBCE for clean and affordable energy.

“The re-powering of the Altamont wind project has greatly improved environmental impact while meeting the county’s need for clean, affordable wind power,” said Mehul Mehta, Executive Vice President of Greenbacker Capital Management, a leader in sustainable infrastructure investment and advisor to Greenbacker Renewable Energy Company (GREC), a long-term owner and operator of sustainable infrastructure and energy efficiency projects. “With this project, now the largest wind asset in GREC’s portfolio, we look forward to partnering with EBCE to expand access to renewable energy for the communities and stakeholders within Alameda County for decades to come.” GREC currently manages approximately $1.5 billion in investor capital with over 2 GW of projects spread across 32 states.

The clean electricity created from the new turbines will serve as a main supply source for EBCE’s Renewable 100 program, a power mix of wind and solar energy servicing about 100,000 customers.

Nick Chaset, CEO of East Bay Community Energy, notes, “In just a few years, we’ve made great strides in bringing more affordable renewable energy and reinvesting our earnings back into the community to drive local green jobs, valuable programs, and more clean power projects.”

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New York, NY, June 24, 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 Altamont Winds Project from funds managed by Castlelake, L.P., a global alternative investment manager focused on opportunistic investments in real assets, including mid-to-late stage renewable energy development and repowering projects, as well as specialty finance and aviation. At 57.5 MW, it is the single largest asset in Greenbacker’s wind portfolio. The Altamont Winds Project—Greenbacker’s second wind asset in California—boosts the company’s total nationwide wind energy capacity to just over 300 MW.

Located in Alameda County, the project harnesses wind from the Altamont Pass, an area home to operating wind assets since the 1980s. The project is also near the Bay Area load pocket, giving it strategic value from the perspective of future energy usage and capacity needs.

The Altamont Winds Project, which is in final stages of commissioning, has a long-term power purchase agreement (PPA) with East Bay Community Energy, a community choice aggregator (CCA). CCA allow residents, businesses, and municipalities to procure power from an alternative supplier, while still using the transmission and distribution services of their local electric utility provider. This can help communities access cleaner, cheaper electricity than could otherwise be available.

“We’re thrilled to help expand Californians’ energy options and contribute to the growing CCA availability in the Sunshine State,” said Charles Wheeler, CEO of GREC. “Sizable wind facilities like Altamont Winds are increasingly necessary to meet our rising energy needs, and we’re happy to play a role in providing clean energy to the Bay Area.”

“Castlelake congratulates Greenbacker on its acquisition of the Altamont Winds Project,” said Evan Carruthers, managing partner and chief investment officer of Castlelake. “We are pleased to have played a part in bringing additional renewable energy capacity to the Bay Area through this development project.”

Greenbacker’s purchase of Altamont is the most recent addition to its growing fleet of wind energy facilities. It follows the acquisition of Rippey Wind, a 50 MW operational wind farm in Iowa.

With the acquisition of this project, Greenbacker will own approximately 1.18 GW of generating capacity (including assets that are to be constructed), comprising 855.4 MW of utility-scale and distributed solar facilities, 300.1 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.

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