November 5 (Solar) – New York-based Greenbacker Renewable Energy Company LLC on Friday said it has bought the owners of two solar projects with a combined capacity of 13.9 MW in North Carolina.
Under the deal, Greenbacker has acquired all of the outstanding shares of SunFarm V LLC and Sun Farm VI LLC for an undisclosed sum. The particular companies own the so-called SunFarm portfolio consisting of two photovoltaic (PV) projects in North Carolina’s Perquimans County.
The PV parks are planned to be switched on in the last quarter of this year, selling their output to an unnamed investment-grade utility offtaker under a 15-year fixed-price power purchase agreement (PPA).
Greenbacker’s CEO Charles Wheeler noted that the company is assessing “high-quality alternative energy opportunities” as it aims to invest most of its available cash on hand in the coming months. Including the newly-acquired portfolio, Greenbacker will own nearly 278.7 MW of generating capacity, including 61.5 MW of wind and 217.2 MW of solar, once certain to-be-constructed facilities go online.