Greenbacker acquires 19-MW intended Michigan solar project
- Greenbacker Renewable Energy has reached an agreement with Prism Power Partners to obtain Electric City Solar, a 19-MW construction-ready solar project in Michigan using a 25-year municipal offtake agreement. The transaction marks yet another successful purchase of a contracted utility-scale solar endeavor for Greenbacker.
Greenbacker is eager to get a long-term contracted asset in a fresh and attractive region, explained Charles Wheeler, CEO of Greenbacker. They're thankful for the chance to develop a relationship with Prism and are eager to support the State of Michigan with their clean energy goals.
Electric City is expected to start construction in Q1 2020 and reach commercial operations at the summertime of 2020.
Having begun solar project development efforts in Michigan in late 2017, Prism is quite happy to work with Greenbacker as a financial partner to progress this project into construction, explained Randall Wood, Managing Member of Prism. The Electric City Solar endeavor brings significant long-term economic growth, low-cost renewable electricity and property tax benefits to the neighborhood and the project represents the increased market tendency in Michigan towards solar energy as a cost-effective supply of energy.
With the inclusion of the project, Greenbacker will have roughly 616.6 MW of generating capacity (including assets which are to be constructed), comprising 177.3 MW of wind facilities, 427.3 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.