Greenbacker Renewable Energy has announced the acquisition of 9.789 Megawatts of solar power facilities spread across 13 sites in Colorado, Connecticut, Florida, Hawaii, Indiana and North Carolina.
Two national developers, MP2 Capital and Blu Leaf Ventures joined together to develop, own and operate these ground as well as roof mounted solar projects.
The systems are expected to produce enough electricity to power approximately 1,605 homes for one year.
The electricity produced by the portfolio are sold to various off takers including Duke Energy Progress, Xcel Energy, the City and County of Denver at Denver International Airport, the Orlando Utilities Commission, Kauai Island Utility Cooperative, and NIPSCO under long term agreements.
Around 90 percent of the contracted revenues were generated from investment grade rated Utilities and Municipalities.
In Sep 2014, Greenbacker signed a definitive agreement to acquire $880,000 solar portfolio with assets in Boulder, Broomfield, Denver and surrounding areas in Colorado.
The Sunny Mountain Portfolio consists of rooftop and ground mount solar systems located on municipal, commercial and residential properties.
In Oct 2014, Greenbacker Renewable Energy entered into a definitive agreement to acquire the Canadian Northern Lights solar portfolio located in and around Ontario for USD $1,067,221.
The portfolio consists of 45 small roof and ground mount solar photovoltaic arrays.
In another development, Greenbacker signed a definitive agreement to acquire five to-be-constructed solar power facilities throughout the state of Vermont.
The projects were developed by Green Lantern Capital and will be constructed by Engineering, Procurement and Construction (EPC) firms during 2014 and the first six months of 2015.
Sabeena Wahid
editor@greentechlead.com