New Projects, Solar

Kansas City firm buys Rights to 21.8 MW in North Carolina Solar Projects

A subsidiary of Missouri-based clean energy startup Greenbacker Renewable Energy Co. LLC has acquired the rights to three North Carolina solar projects currently under construction.

Greenbacker acquired the SE Solar Portfolio from SunEnergy1 LLC. The three farms, totaling 21.8 MW, are expected to reach commercial operation early next year.

Greenbacker is working to arrange back leverage and tax equity financing. Once completed, the SE Solar Portfolio will sell all the power generation to a utility off-taker through a 15-year fixed-price PPA.

“With the SE Solar Portfolios, we continue to focus on solar assets in North Carolina which provides significant long-term value to our investors,” said Charles Wheeler, CEO of Greenbacker. “Over the coming year, we expect to expand the Company’s investment in pre-operational solar assets as we grow our solar portfolio.”

With the addition of the SE Solar Portfolio assets, Greenbacker will own approximately 278.7 MW of generating capacity (including assets in development and construction) comprising 61.5 MW of wind facilities and 217.2 MW of commercial and residential solar facilities.

Greenbacker has made more than $250 million worth of investments, according to its website. Earlier this year, it acquired 12 solar photovoltaic systems totaling 4.55 MW in Arizona, California, Colorado, Connecticut and Arizona.

It also owns 61.5 MW of wind energy facilities.

(Rod Walton is content manager for Power Engineering and POWER-GEN International, North America’s largest power generation trade show which runs next week in Orlando. Solar energy projects will be the focus of numerous sessions at POWER-GEN, and registration is still open).