Greenbacker Renewable Energy Secures Controlling Interest in Solar Portfolio
Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, acquired a controlling interest in a 12.1 megawatt portfolio of 1,611 solar systems from a subsidiary of OneRoof Energy Inc. for approximately $19.8 million.
The systems are located on residential rooftops across seven states, including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut. Under the terms of the transaction, Greenbacker was appointed the managing member of the portfolio, and OneRoof will retain a residual interest and continue to perform general operation and maintenance functions.
All of the energy generated by the systems will be sold under 20-year power purchase agreements to residential customers who on average have a FICO Score Rating of Very Good (between 740 and 799).
“Adding a large residential rooftop solar portfolio in partnership with OneRoof, who maintains an ongoing minority stake in the portfolio, adds significant diversification to Greenbacker’s current portfolio of solar and wind assets,” said chief executive officer Charles Wheeler. “This segment of the market has become increasingly sophisticated and opportunities for securitization of these portfolios provide significant upside potential.”
In other Greenbacker news, the company recently funded a $25.9 million turbine supply loan for a Montana wind project, as reported by The DI Wire. http://www.thediwire.com/news/greenbacker-funds-25.9-million-turbine-supply-loan-for-montana-wind-project
Greenbacker Renewable Energy Company LLC invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. Based in New York City, the company operates in excess of 62 megawatts of operating solar and wind facilities throughout the United States and Canada, and oversees a $100+ million portfolio of alternative energy assets.