Greenbacker Renewable Greenbacker Renewable Energy Company LLC Acquires Tri-State, 19.5-MWdc Operating Solar Portfolio

The 15-project portfolio builds out Greenbacker’s New England operations and includes the company’s first asset in Rhode Island

PVTIME – Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a 15-project solar portfolio from NextSun Energy (“NextSun”). The NextSun operating portfolio, which totals 19.5 MWdc of clean power–generating capacity, expands Greenbacker’s footprint in New England and includes the company’s first asset in Rhode Island (North Smithfield, 1.1 MWdc).

The power-generating capacity of the portfolio’s component projects ranges from 0.6 MWdc to 5.0 MWdc. The projects all reached commercial operations between the fourth quarter of 2013 and the first quarter of 2017, and all come with long-term power purchase agreements already in place with utilities, municipalities, and businesses.

“As Greenbacker’s clean energy contributions to New England’s power generation landscape continue to grow, we’re particularly excited to announce our first renewable energy asset in Rhode Island,” said Charles Wheeler, CEO of GREC. “This portfolio also represents a successful collaboration with the solar development experts at NextSun Energy, with whom we look forward to partnering again in the future.”

“With the recent sale of our operating portfolio to GREC, we now have the ability to focus all of our bandwidth directly on developing future solar and battery energy storage systems,” said Jake Laskin, President of NextSun. “We couldn’t be happier with the partnership we have created with the folks at GREC and certainly look forward to working together again.”

Including the acquisition of these projects, Greenbacker’s fleet of sustainable infrastructure projects comprises approximately 2.2 GW of generating capacity (including assets that are to be constructed). Since 2016, Greenbacker’s real assets have generated 3.0 million megawatt-hours1 of clean energy, abating 2.1 million metric tons of carbon.2 Today these projects support 2,700 green jobs.3

1 Data is as of June 30, 2021.

2 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.

3 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2021.