Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC (Hecate).
The three projects, all of which are located in Greene County in upstate New York, would deliver 50 MWac of solar power to consumers in the tri-state area once completed. They are projected to generate enough solar energy to power about 9,500 houses on average. All three projects are expected to be operational in 2023. Each comes with a long-term contract with an investment-grade offtaker that will give Greenbacker consistent long-term revenue.
In June 2021, GREC acquired the 57.5 MW Altamont Winds Project, from a fully owned subsidiary of the global alternative investment manager Castlelake, LP. The project, which is located in Alameda County, California is nearing completion. The Altamont Winds Project has a long-term power purchase agreement in place with East Bay Community Energy, a community choice aggregator.
Hecate Energy is a developer of solar power plants, wind power plants, and energy storage systems based in Chicago. Hecate Energy, which was founded in 2012 by a group of energy industry veterans who have worked together for over 20 years, has a 40 plus GW development pipeline of projects, including many projects in New York and the Northeastern US.
REGlobal’s Views: Acquisition has become a common route to expand portfolios for solar power projects across many markets. Solar power projects continue to face good value in the market making this an easy exit option for sellers.