The portfolio\u2019s 16 projects deliver cheaper clean energy to the Greater Boston area
\n\n\n\nNew York, NY, February 2, 2022 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a 16.3-MWdc operational solar portfolio from ECA Solar (\u201cECA\u201d), a leader in commercial-scale solar development, and Alliance Fund II, a sustainable infrastructure fund sponsored by North Sky Capital and sub-advised by GoldenSet Capital Partners LLC (\u201cGoldenSet\u201d). Located in Massachusetts, the portfolio comprises 16 rooftop solar projects that benefit from supportive state renewable energy policies, allowing it to provide cheaper clean power to the Greater Boston area.
\n\n\n\nAll 16 projects utilize building rooftop space that would otherwise be left idle. Two of the assets\u2014Holliston (1.9 MWdc) and Wilmington (1.2 MWdc)\u2014also have panel arrays on adjacent parking structures. Each project reached commercial operation between the third quarter of 2018 and the second quarter of 2020 and have power generation capacities ranging from 0.3 MWdc to 4.2 MWdc. Each has a long-term offtake contract in place with investment-grade counterparties that include a mixture of businesses, utilities, municipalities, and local government agencies.
\n\n\n\n\u201cGreenbacker is thrilled that our new rooftop projects are helping the Boston area run on cheaper solar power,\u201d said Charles Wheeler, CEO of GREC. \u201cECA Solar developed top-tier assets, and we look forward to collaborating with them on future endeavors to power the clean energy transition.\u201d
\n\n\n\nThe state\u2019s department of energy offers long-term incentive programs to promote solar and energy storage development, including the Solar Massachusetts Renewable Target program and its predecessor, the Massachusetts Solar Renewable Energy Certificate II, which pay incentives for clean energy produced in the state.1 The portfolio participates in both programs, reducing the cost of the solar power it produces and lowering energy bills for its consumers.
\n\n\n\nThis is Greenbacker\u2019s first transaction with ECA, who has developed and operated over five million square feet of rooftop solar Greater Boston and who develops ground mount, carport, and rooftop solar throughout New England, the Mid-Atlantic, and other select markets.
\n\n\n\n\u201cECA is proud to have developed, engineered, built, and operated this portfolio of assets that will provide clean energy to Massachusetts consumers for years to come,\u201d said Todd Fryatt, president of ECA Solar. \u201cGoldenSet Capital has been a creative and supportive capital partner whose focused engagement was important throughout the lifecycle of the projects. We also enjoyed transacting with Greenbacker, whose team worked efficiently and effectively towards an outcome benefitting all parties.\u201d
\n\n\n\n\u201cWe have enjoyed our partnership with ECA Solar and the opportunity to create a meaningful portfolio of solar power projects that will benefit the local community for decades to come,\u201d said Everett Smith, CEO of GoldenSet Capital. \u201cThey are an exceptional development partner and have helped GoldenSet deliver excellent returns to North Sky and the Alliance Fund investors.\u201d
\n\n\n\nGreenbacker\u2019s fleet of sustainable infrastructure projects comprises approximately 2.6 GW of generating capacity (including this portfolio and assets that are to be constructed). Since 2016, Greenbacker\u2019s real assets have produced approximately 3.4 million megawatt-hours2 of clean energy, abating 2.4 million metric tons of carbon.3 Today these projects support over 3,200 green jobs.4
\n\n\n\n\n\n\n\n1 Massachusetts state website, https://www.mass.gov/info-details/solar-massachusetts-renewable-target-smart-program.
\n\n\n\n2 Data is as of September 30, 2021.
\n\n\n\n3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of September 30, 2021.
\n\n\n\n4 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of September 30, 2021.
\nThe post Greenbacker acquires 16.3 MWdc operating rooftop solar portfolio in Massachusetts appeared first on Greenbacker Capital.
\n", "content_text": "The portfolio\u2019s 16 projects deliver cheaper clean energy to the Greater Boston area\n\n\n\nNew York, NY, February 2, 2022 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a 16.3-MWdc operational solar portfolio from ECA Solar (\u201cECA\u201d), a leader in commercial-scale solar development, and Alliance Fund II, a sustainable infrastructure fund sponsored by North Sky Capital and sub-advised by GoldenSet Capital Partners LLC (\u201cGoldenSet\u201d). Located in Massachusetts, the portfolio comprises 16 rooftop solar projects that benefit from supportive state renewable energy policies, allowing it to provide cheaper clean power to the Greater Boston area.\n\n\n\nAll 16 projects utilize building rooftop space that would otherwise be left idle. Two of the assets\u2014Holliston (1.9 MWdc) and Wilmington (1.2 MWdc)\u2014also have panel arrays on adjacent parking structures. Each project reached commercial operation between the third quarter of 2018 and the second quarter of 2020 and have power generation capacities ranging from 0.3 MWdc to 4.2 MWdc. Each has a long-term offtake contract in place with investment-grade counterparties that include a mixture of businesses, utilities, municipalities, and local government agencies.\n\n\n\n\u201cGreenbacker is thrilled that our new rooftop projects are helping the Boston area run on cheaper solar power,\u201d said Charles Wheeler, CEO of GREC. \u201cECA Solar developed top-tier assets, and we look forward to collaborating with them on future endeavors to power the clean energy transition.\u201d\n\n\n\nThe state\u2019s department of energy offers long-term incentive programs to promote solar and energy storage development, including the Solar Massachusetts Renewable Target program and its predecessor, the Massachusetts Solar Renewable Energy Certificate II, which pay incentives for clean energy produced in the state.1 The portfolio participates in both programs, reducing the cost of the solar power it produces and lowering energy bills for its consumers. \n\n\n\nThis is Greenbacker\u2019s first transaction with ECA, who has developed and operated over five million square feet of rooftop solar Greater Boston and who develops ground mount, carport, and rooftop solar throughout New England, the Mid-Atlantic, and other select markets.\n\n\n\n\u201cECA is proud to have developed, engineered, built, and operated this portfolio of assets that will provide clean energy to Massachusetts consumers for years to come,\u201d said Todd Fryatt, president of ECA Solar. \u201cGoldenSet Capital has been a creative and supportive capital partner whose focused engagement was important throughout the lifecycle of the projects. We also enjoyed transacting with Greenbacker, whose team worked efficiently and effectively towards an outcome benefitting all parties.\u201d\n\n\n\n\u201cWe have enjoyed our partnership with ECA Solar and the opportunity to create a meaningful portfolio of solar power projects that will benefit the local community for decades to come,\u201d said Everett Smith, CEO of GoldenSet Capital. \u201cThey are an exceptional development partner and have helped GoldenSet deliver excellent returns to North Sky and the Alliance Fund investors.\u201d \n\n\n\nGreenbacker\u2019s fleet of sustainable infrastructure projects comprises approximately 2.6 GW of generating capacity (including this portfolio and assets that are to be constructed). Since 2016, Greenbacker\u2019s real assets have produced approximately 3.4 million megawatt-hours2 of clean energy, abating 2.4 million metric tons of carbon.3 Today these projects support over 3,200 green jobs.4\n\n\n\n\n\n\n\n1 Massachusetts state website, https://www.mass.gov/info-details/solar-massachusetts-renewable-target-smart-program.\n\n\n\n2 Data is as of September 30, 2021.\n\n\n\n3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of September 30, 2021.\n\n\n\n4 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of September 30, 2021.\nThe post Greenbacker acquires 16.3 MWdc operating rooftop solar portfolio in Massachusetts appeared first on Greenbacker Capital.", "date_published": "2022-02-02T16:05:39+00:00", "date_modified": "2022-08-30T20:09:52+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/02/DJI_0213_Holliston-scaled-e1643754653145.jpg", "tags": [ "Massachusetts", "GREC", "Press" ], "summary": "The 16-project rooftop solar portfolio utilizes area atop buildings and parking structures\u2014space that would otherwise be left idle\u2014to help the Greater Boston area run on cheaper clean energy." }, { "id": "https://greenbackercapital.com/?p=3023", "url": "https://greenbackercapital.com/2021/11/greenbacker-acquires-tri-state-19-5-mwdc-operating-solar-portfolio/", "title": "Greenbacker acquires tri-state, 19.5 MWdc operating solar portfolio", "content_html": "\nThe 15-project portfolio builds out Greenbacker\u2019s New England operations and includes the company\u2019s first asset in Rhode Island
\n\n\n\nNew York, NY, November 3, 2021 (GLOBE NEWSWIRE) \u2014 Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a 15-project solar portfolio from NextSun Energy (\u201cNextSun\u201d). The NextSun operating portfolio, which totals 19.5 MWdc of clean power\u2013generating capacity, expands Greenbacker\u2019s footprint in New England and includes the company\u2019s first asset in Rhode Island (North Smithfield, 1.1 MWdc).
\n\n\n\nThe power-generating capacity of the portfolio\u2019s component projects ranges from 0.6 MWdc to 5.0 MWdc. The projects all reached commercial operations between the fourth quarter of 2013 and the first quarter of 2017, and all come with long-term power purchase agreements already in place with utilities, municipalities, and businesses.
\n\n\n\n\u201cAs Greenbacker\u2019s clean energy contributions to New England\u2019s power generation landscape continue to grow, we\u2019re particularly excited to announce our first renewable energy asset in Rhode Island,\u201d said Charles Wheeler, CEO of GREC. \u201cThis portfolio also represents a successful collaboration with the solar development experts at NextSun Energy, with whom we look forward to partnering again in the future.\u201d
\n\n\n\n\u201cWith the recent sale of our operating portfolio to GREC, we now have the ability to focus all of our bandwidth directly on developing future solar and battery energy storage systems,\u201d said Jake Laskin, President of NextSun. \u201cWe couldn\u2019t be happier with the partnership we have created with the folks at GREC and certainly look forward to working together again.\u201d
\n\n\n\nIncluding the acquisition of these projects, Greenbacker\u2019s fleet of sustainable infrastructure projects comprises approximately 2.2 GW of generating capacity (including assets that are to be constructed). Since 2016, Greenbacker\u2019s real assets have generated 3.0 million megawatt-hours1 of clean energy, abating 2.1 million metric tons of carbon.2 Today these projects support 2,700 green jobs.3
\n\n\n\n1 Data is as of June 30, 2021.
\n\n\n\n2 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.
\n\n\n\n3 Green jobs are calculated from the International Renewable Energy Agency\u2018s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2021.
\nThe post Greenbacker acquires tri-state, 19.5 MWdc operating solar portfolio appeared first on Greenbacker Capital.
\n", "content_text": "The 15-project portfolio builds out Greenbacker\u2019s New England operations and includes the company\u2019s first asset in Rhode Island\n\n\n\nNew York, NY, November 3, 2021 (GLOBE NEWSWIRE) \u2014 Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a 15-project solar portfolio from NextSun Energy (\u201cNextSun\u201d). The NextSun operating portfolio, which totals 19.5 MWdc of clean power\u2013generating capacity, expands Greenbacker\u2019s footprint in New England and includes the company\u2019s first asset in Rhode Island (North Smithfield, 1.1 MWdc).\n\n\n\nThe power-generating capacity of the portfolio\u2019s component projects ranges from 0.6 MWdc to 5.0 MWdc. The projects all reached commercial operations between the fourth quarter of 2013 and the first quarter of 2017, and all come with long-term power purchase agreements already in place with utilities, municipalities, and businesses.\n\n\n\n\u201cAs Greenbacker\u2019s clean energy contributions to New England\u2019s power generation landscape continue to grow, we\u2019re particularly excited to announce our first renewable energy asset in Rhode Island,\u201d said Charles Wheeler, CEO of GREC. \u201cThis portfolio also represents a successful collaboration with the solar development experts at NextSun Energy, with whom we look forward to partnering again in the future.\u201d\n\n\n\n\u201cWith the recent sale of our operating portfolio to GREC, we now have the ability to focus all of our bandwidth directly on developing future solar and battery energy storage systems,\u201d said Jake Laskin, President of NextSun. \u201cWe couldn\u2019t be happier with the partnership we have created with the folks at GREC and certainly look forward to working together again.\u201d\n\n\n\nIncluding the acquisition of these projects, Greenbacker\u2019s fleet of sustainable infrastructure projects comprises approximately 2.2 GW of generating capacity (including assets that are to be constructed). Since 2016, Greenbacker\u2019s real assets have generated 3.0 million megawatt-hours1 of clean energy, abating 2.1 million metric tons of carbon.2 Today these projects support 2,700 green jobs.3\n\n\n\n1 Data is as of June 30, 2021.\n\n\n\n2 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.\n\n\n\n3 Green jobs are calculated from the International Renewable Energy Agency\u2018s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2021.\nThe post Greenbacker acquires tri-state, 19.5 MWdc operating solar portfolio appeared first on Greenbacker Capital.", "date_published": "2021-11-03T19:02:14+00:00", "date_modified": "2022-05-12T15:43:52+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Massachusetts", "Vermont", "Rhode Island", "GREC", "Press" ], "summary": "The 15-project NextSun operating portfolio expands Greenbacker\u2019s presence within New England's power generation landscape and includes the company\u2019s first asset in Rhode Island." } ] }