Greenbacker Renewable Energy purchases 9.27 MW of under-construction solar projects

Aug 13, 2019 09:12 PM ET
Greenbacker Renewable Energy Company purchased the rights to a portfolio of three solar projects totaling 9.27 MW from a subsidiary of BNRG Renewables (BNRG).

The OR Solar Portfolio consists of three to-be-constructed ground-mount projects in Oregon and is contracted with an investment-grade Oregon utility under power purchase agreements for 15 years. The OR Solar Portfolio is expected to reach commercial operation between November 2019 and January 2020.

Evergreen Solar Services (ESS) will act as the contractor and will work under BNRG’s supervision to bring the OR Solar Portfolio online.

“Greenbacker is thrilled to expand its footprint into Oregon and to continue to bring renewable energy to a growing number of markets across the U.S.,” said Charles Wheeler, CEO Greenbacker. “We very much look forward to working with BNRG and ESS to bring all the projects on-line in the coming months.”

BNRG Director Nick Holman added, “We are excited about entering into this partnership with Greenbacker and ESS to build out our third portfolio of projects in Oregon. We remain committed to developing projects in the U.S. and are on track to reach our target of 250 MW of projects completed by 2021.”

With the addition of the OR Solar Portfolio, Greenbacker will own approximately 410 MW of generating capacity (including assets that are to be constructed), comprising 62 MW of wind facilities, 336 MW of utility-scale and distributed solar facilities and 12 MW of biomass facilities.

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