Greenbacker to acquire solar plants comprising 27.8 MW in North Carolina

photonAugust 27, 2017151

A subsidiary of investment firm Greenbacker Renewable Energy Company LLC signed a purchase agreement to acquire 5 operating ground mounted solar PV systems comprising 27.8 MW located throughout eastern North Carolina, USA, for approximately $20.5 million. The so-called »Raleigh Portfolio« was being sold by FTI Capital Advisors, LLC on the behalf of the current owner Conergy Projects, Inc. The projects were placed in service throughout 2015 and sell power to the utility Duke Energy through a 15-year Power Purchase Agreement (PPA) with approximately 13 years currently remaining. The pricing on the PPA is based on time of day production that equals approximately a $0.066 per kWh rate with no annual escalations over the contract period.

According to Charles Wheeler, CEO of Greenbacker, with the addition of the »Raleigh« portfolio, the company now owns approximately 149.5 MW of generating capacity comprising 45.5 MW of wind facilities and 104.0 MW of commercial and residential solar facilities.

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