New York, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Corporation (“Greenbacker”) has reached an agreement with Prism Power Partners (“Prism”) to acquire Electric City Solar (“Electric City”) a 19 MW construction-ready solar project in Michigan with a 25-year municipal offtake agreement. The transaction marks another successful acquisition of a contracted utility-scale solar project for Greenbacker.
“Greenbacker is excited to acquire a long-term contracted asset in a new and appealing region,” said Charles Wheeler, CEO of Greenbacker. “We are grateful for the opportunity to develop a relationship with Prism and are excited to support the State of Michigan with their clean energy targets.”
Electric City is expected to begin construction in Q1 2020 and reach commercial operations in the Summer of 2020.
“Having started solar project development efforts in Michigan in late 2017, Prism is very pleased to work with Greenbacker as our financial partner to advance this project into construction.” said Randall Wood, Managing Member of Prism. “The Electric City Solar project brings significant long-term economic development, low cost renewable energy, and property tax benefits to the local community and the project represents the greater market trend in Michigan towards solar as a cost-effective source of energy.”
Sheppard Mullin Richter & Hampton LLP is the legal advisor to Greenbacker. Nixon Peabody LLP is the legal advisor on this transaction for Prism.
With the addition of this Project, Greenbacker will own approximately 616.6 MW of generating capacity (including assets that are to be constructed), comprising 177.3 MW of wind facilities, 427.3 MW of utility-scale and distributed solar facilities, and 12 MW of biomass facilities.
About Greenbacker
Greenbacker seeks to acquire and operate a diversified portfolio of income-producing sustainable infrastructure assets in North America. Founded in 2011, Greenbacker generates attractive risk-adjusted returns for our shareholders through harvesting long-term and predictable cash flows from proven technologies. For more information, please visit www.greenbackercapital.com.
About Prism
Prism is a renewable energy developer with a focus on solar and storage in emerging U.S. markets. Prism’s partners have developed several hundred solar projects and over 100MW of grid scale energy storage. For more information, please visit www.prismpowerpartners.com
Media contacts
Greenbacker:
Joseph Kuo
(424) 317-4851
mediarelations@greenbackercapital.com
Prism:
Media Relations
info@prismpowerpartners.com