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, May 5, 2022 — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased Howard, a 55.4 MW operating wind project from the BlackRock Global Renewable Power Fund II (“BlackRock”). The Howard project marks Greenbacker’s first wind asset in New York, building out the company’s presence in a renewables-supportive state and increasing access to cheaper clean energy.

The wind farm, which achieved commercial operation in the fourth quarter of 2011, generates enough wind energy to power approximately 12,500 New York homes a year. Located in Steuben County, it also supports local clean energy jobs, including several full-time service technicians and dozens of subcontractors for ongoing maintenance and special projects.

“It’s a joy to deliver clean energy close to home,” said Charles Wheeler, CEO of GREC, which is based in New York. “We’re very pleased that our successful ongoing collaboration with BlackRock has allowed us to enter a new wind market with Howard—which is not only our first wind asset in New York, but also the second largest project in our entire wind fleet.” (GREC’s largest wind asset is the 57.5 MW Altamont in California).

Howard comes with an existing renewable energy credit contract with an investment-grade offtaker. Projects with high-credit-quality offtakers contribute to Greenbacker’s strategy of owning and operating renewable energy assets with reliable long-term revenue. The project also contributes to New York’s clean energy targets. Current state legislation mandates that 70% of power generation come from renewable energy by 2030 and calls for a zero-emissions electricity sector by 2040.¹

Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including Howard and assets that are to be constructed). Since 2016, Greenbacker’s real assets have produced more than 3.7 million megawatt-hours² of clean energy, abating nearly 2.7 million metric tons of carbon.³ Today these projects support over 4,600 green jobs.⁴

1 “New York’s Climate Leadership and Community Protection Act (CLCPA),” New York state website, November 11, 2021.

2 Data is as of December 31, 2021.

3 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 December 31, 2021.

4 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 December 31, 2021.

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New York, NY, May 3, 2022 — Greenbacker Renewable Energy Company LLC (“Greenbacker” or “GREC”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC (“Hecate”).

Once completed, the three projects—all located in Greene County, in upstate New York—will deliver 50 MWac of solar power to consumers in the tri-state area. On average, they’re expected to generate enough solar energy to power approximately 9,500 homes. All three projects are slated to reach commercial operation in 2023. Each comes with a long-term contract in place with an investment-grade offtaker, which will provide reliable long-term revenue to Greenbacker.

The acquisition represents Greenbacker’s second closed transaction with Hecate. Greenbacker also has signed agreements with Hecate to develop a number of additional solar assets in New York—a pipeline totaling hundreds of megawatts of clean energy over the next few years. Previously, GREC had acquired two 20-MWac utility-scale solar projects (Albany 1 and Albany 2) from the developer, both of which are slated to enter commercial development in late 2022. All of these projects will help the state progress toward its climate goals, including a carbon neutral economy, 70% renewable energy power generation by 2030, and zero-emissions electricity by 2040.¹

Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including the three Greene projects and other assets that are to be constructed). Since 2016, Greenbacker’s real assets have produced more than 3.7 million megawatt-hours² of clean energy, abating nearly 2.7 million metric tons of carbon.³ Today these projects support over 4,600 green jobs.⁴

1 https://climate.ny.gov/Our-Climate-Act/Draft-Scoping-Plan, January 2022.

2 Data is as of December 31, 2021.

3 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 December 31, 2021.

4 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 5.8 jobs. Data is as of December 31, 2021.

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New York, NY, March 1, 2022 — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a pre-operational energy storage portfolio and two pre-operational solar portfolios from Borrego—a leading developer; engineering, procurement, and construction (EPC) provider; and operations and maintenance provider for large-scale renewable energy projects throughout the US. The storage portfolio represents GREC’s first assets in the standalone battery storage development space, a sector critical to greater grid resilience.

The two projects in the storage portfolio, located in New York City, will have a total power capacity of 10 MW and be able to store up to 40 MWh of energy. Both are front-of-meter assets, meaning consumers will access the stored power via the electric grid. Battery storage systems offer distinct benefits for consumers. They can lower electric bills by deploying stored energy during periods of peak demand and improve electric grid resiliency by saving power reserves for specific use during emergencies and power outages. The portfolio also contributes to New York’s energy storage target, which was increased in early 2022—doubling from 3 GW to 6 GW by 2030.¹

“We’re thrilled to expand our operational standalone battery storage portfolio to include storage assets in development,” said Charles Wheeler, CEO of GREC. “Our ongoing partnership with Borrego has allowed us to expand into this new market, and we very much look forward to teaming up with them on future opportunities across the renewables asset class.”

The Illinois and Maine portfolios will contribute to cheaper clean energy for consumers across both states. The Illinois portfolio is made up of four distributed community solar projects (totaling roughly 12 MWdc) in the northern part of the state. At least 50% of the portfolio’s consumer base will be allocated to small subscribers, contributing to more equitable renewable energy access. The portfolio will participate in the Illinois Shines solar incentive program, which gives subscribers credits on their power bills for using the projects’ solar energy.² The projects will also provide income to local landowners through long-term land leases.

The three solar projects in the Maine portfolio, which total around 17 MWdc, are located in separate counties across the state. Two of those projects are community solar and one has a commercial power purchase agreement. Each project is preapproved for the state’s Net Energy Billing program, which was capped in early 2021. The program encourages renewables by allowing consumers to offset their electric bills by the net amount of clean energy they generate on their property or use from community systems.³

“In addition to companies and cities, the clean energy transition should also be accessible to individual consumers,” added Wheeler. “We’re excited that a portion of clean power from our community solar projects will be designated for small subscribers, driving more equitable access to cheaper clean energy across the country.”

Both the NYC and Illinois portfolios are slated to reach commercial operation in the first half of 2023. The Maine portfolio is expected to enter commercial operation at the end of 2022.

“Borrego and Greenbacker have worked together closely for years, and these latest energy storage and community solar transactions mark an exciting new chapter in our partnership,” said Brendan Neagle, EVP of Project Finance at Borrego. “While we have been the EPC contractor of record on many Greenbacker projects, this is the first time Greenbacker has bought a significant group of assets from Borrego’s development portfolio.”

The NYC portfolio is set to participate in New York’s Value of Distributed Energy Resources program for standalone battery storage, an incentive that credits energy storage system owners for the electricity they inject into the grid.⁴

Greenbacker’s fleet of sustainable infrastructure projects comprises approximately 2.6 GW of generating capacity (including these portfolios and assets that are to be constructed). Since 2016, Greenbacker’s real assets have produced approximately 3.4 million megawatt-hours⁵ of clean energy, abating 2.4 million metric tons of carbon.⁶ Today these projects support 3,200 green jobs.⁷

¹ “NY-BEST Applauds Governor Hochul’s Energy Storage Initiatives in 2022 State of the State Address,” New York Battery and Energy Storage Technology Consortium, January 5, 2022.

² Illinois Shines website, https://illinoisshines.com/solar-info/.

³ Maine state website, https://www.maine.gov/mpuc/regulated-utilities/electricity/neb.

⁴ New York state website, The Value Stack Reference Guide for Energy Storage Developers.

⁵ Data is as of September 30, 2021.

⁶ 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.

⁷ 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.

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New York, NY, August 12, 2021 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased two utility-scale solar projects from Hecate Energy LLC (“Hecate”). The acquisitions of Hecate Energy Albany 1 LLC (“Albany 1”) and Hecate Energy Albany 2 LLC (“Albany 2”), both 20 MWac, showcase Greenbacker’s continued expansion into New York—a market where supportive policy and recent developments provide a compelling backdrop for renewable energy investment.

The projects are among Greenbacker’s largest sustainable energy assets in New York and will be instrumental in helping the state reach its clean energy goals. Current legislation mandates a zero-emissions electricity sector by 2040, which is set to include 70% renewable energy power generation by 2030, as part of the state’s initiative to create clean energy jobs and foster a green economy. Additionally, New York recently retired Indian Point, a 2.1-GW nuclear plant outside of New York City that generated 12% of the state’s electricity, due to safety concerns and increased operating costs. That emissions-free power can be replaced with renewables.

“We’re eager to expand access to cleaner, cheaper power options that can more reliably meet the growing energy needs of New York, a state that Greenbacker has called home for 10 years,” said Charles Wheeler, CEO of GREC. “We’re thrilled that by collaborating on this solar portfolio with Hecate Energy, and other projects in the future, we’re able to support local jobs for New Yorkers and help the state achieve its ambitious clean power goals.”

Beyond Albany 1 and Albany 2, Greenbacker has a number of signed commitments with Hecate to develop sustainable infrastructure projects in the Empire State, a future pipeline that amounts to hundreds of MW of clean power over the next few years.

“Hecate is proud to partner with Greenbacker to bring these two solar projects online and help address the growing challenge of climate change, and we look forward to many similar projects in the future,” said Chris Bullinger, Hecate CEO. “Greenbacker is a trailblazer in advancing renewable energy through the intelligent deployment of capital into industry-leading projects that will help to make a difference, and we’re very pleased with the development of this collaboration.”

Both projects are located in Albany County and come with long-term contracts already in place with investment-grade offtakers. Albany 1 is contracted with the New York State Energy Research and Development Authority, while Albany 2 will sell power to Connecticut electricity providers Eversource and United Illuminating Company.

The solar facilities are slated to begin construction in the third quarter of 2021 and reach commercial operations in summer 2022.

With the acquisition of this portfolio, Greenbacker will own approximately 1.18 GW of generating capacity (including assets that are to be constructed), comprising 8.554 MW of utility-scale 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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