New York, NY, September 15, 2022 — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading green energy investment manager and independent power producer, has entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank. KeyBank served as administrative agent for the lenders, and KeyBanc Capital Markets and Fifth Third Bank, National Association served as joint lead arrangers.

The transaction is one of Greenbacker’s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history.

The MTSun and Fall River solar farms—which make up GREC’s Ponderosa portfolio—are each 80 MWac, and rank among the company’s five largest clean energy projects. Both assets have long-term power purchase agreements in place with local investment-grade utilities, MTSun with Northwestern Energy and Fall River with Black Hills Power, Inc., supporting Greenbacker’s strategy of owning renewable energy assets with reliable long-term revenue.

“We’re thrilled to partner with KeyBank and Fifth Third Bank on this senior credit agreement to build projects that will drive a clean energy future in a very real way,” said Spencer Mash, CFO of GREC. “Once complete, they’ll deliver cheaper renewable energy to tens of thousands of households across Montana and South Dakota.”

The annual solar energy produced by the pair of utility-scale projects is expected to power over 34,000 homes across the two states, while offsetting over 260,000 metric tons of carbon emissions.¹

“The Ponderosa transaction illustrates our ongoing commitment to grow the renewable energy industry by deploying capital in high-quality assets,” said, Gregory Berman, Director, Utilities Power & Renewables at KeyBanc Capital Markets. “This represents our seventh financing with Greenbacker, and we look forward to supporting their continued growth as a leader in the energy transition.”

The two assets are located in Yellowstone County, MT and Fall River County, SD, respectively, where they will be among the largest solar energy facilities in their states.

“Fifth Third Bank’s commitment to financing renewable energy technologies is well-known and steadfast,” said Kyle Kuhn, Renewable Energy Executive Director, Fifth Third Bank. “We are pleased to be a part of this milestone transaction with Greenbacker that will support the clean energy transition.”

Greenbacker was advised on the deal by Sheppard, Mullin, Richter & Hampton; Winston & Strawn represented the lenders.

1 EPA Greenhouse Gas Equivalencies Calculator.

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New York, NY, June 8, 2021 — 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 20-MWac West River portfolio of pre-operational solar projects from Energy of Utah.

The projects, West River Solar and West River Solar II, have a long-term Power Purchase Agreement (PPA) with investment-grade utility Basin Electric Power.

Both projects are located in Pennington County, SD, approximately one hour from Fall River Solar, an 80-MWac solar project GREC purchased near the end of 2020 from the same developer. The West River portfolio is expected to reach Commercial Operations in December 2022.

“We’re very excited to expand consumer access to cleaner, cheaper energy in South Dakota,” said Charles Wheeler, CEO of GREC. “We’re also pleased to be building our relationship with Energy of Utah, the original developer of the Fall River asset we acquired last year. We look forward to partnering with them on additional sustainable infrastructure projects in the future.”

With the acquisition of these projects, Greenbacker will own approximately 1.12 GW of generating capacity (including assets that are to be constructed), comprising 853.6 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.

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“We’re excited to have worked with Broad Reach Power on our largest solar project to date.” said Charles Wheeler, CEO of Greenbacker. “Expanding our solar portfolio in South Dakota will provide a clean energy option and a source for local employment in the state. We see tremendous potential in large scale pipeline investments such as Fall River Solar for both the people of South Dakota and our shareholders.”

“We also enjoyed our collaboration with the Greenbacker team and look forward to seeing this project continue to advance,” added Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik.

With the acquisition of Fall River Solar, Greenbacker will own approximately 753.5 MW of generating capacity (including assets that are to be constructed), comprising 529.8MW of utility-scale and distributed solar facilities, 192.6MW of wind facilities, 19.1 MW of battery storage, and 12.0MW of biomass facilities.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy 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 Broad Reach Power

Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com. 

Forward-Looking Statements

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.

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