New York, NY, March 29, 2021 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC”) announced today that construction has been completed on a 10 MWdc portfolio made up of five community solar gardens in southern Colorado.
The solar projects were purchased in 2019 from Community Energy (“CE”), who also stayed on to handle the engineering, procurement, and construction (“EPC”) throughout the building process. Along with a built-in EPC provider, the portfolio also came with long-term subscription agreements with strong investment-grade offtakes, under Xcel Energy’s Solar*Rewards Community (“SRC”) program.
The five community solar gardens (Alden, Monte Vista 2, Rock Creek 2, Platteville, and Alamosa Solar South) are located in rural areas of the state, and service a wide range of subscribers. This includes a population of income-qualified households, who receive donated solar credits through the project, lowering their electric bills each month.
GREC also provides the opportunity for the portfolio’s commercial subscribers—all of which are school districts, nonprofits, and municipalities—to save on their power bills, without having to install their own rooftop arrays. These commercial subscribers receive solar credits for the energy generated by their share of the solar project, offering them a simpler way to utilize and support clean power.
“We’re glad to have begun our relationship with CE on a project that helps highlight the need for, and benefits of, local solar gardens, while also bringing value to our investors,” said Charles Wheeler, CEO of Greenbacker. “And we look forward to working together again in the future.”
“Community Energy has been developing community solar gardens in Colorado since 2013, and is pleased to have worked with the Greenbacker team on our largest portfolio of solar gardens in the state,” said Ben Griffin, Director of EPC and Asset Management for Community Energy, Inc. “These projects will provide very real economic and environmental benefits to the wide range of subscriber customers and communities that are participating.”
As of the completion of this community solar gardens project, Greenbacker owns approximately 1.04 GW of generating capacity (including assets that are to be constructed), comprising 773.5 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 15.5 MW of battery storage, and 12.0 MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.
About Community Energy
Community Energy has developed and financed 2,000 MW of renewable energy power projects across the country, including 1,300 MW of solar power. Community Energy combines power marketing and development expertise to build renewable generation projects economically and at scale. Headquartered in Radnor, Pennsylvania and Boulder, Colorado, the Company has been a leading renewable energy developer for more than 20 years, developing many of the first utility-scale wind and then solar projects in the United States. For more information about Community Energy, please visit www.communityenergyinc.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Media Contacts:
| Greenbacker: | Community Energy: |
| Joseph Kuo / Chris Clemens | Jay Carlis |
| Haven Tower Group | Executive Vice President |
| 424 317 4851 or 424 317 4854 | Community Energy, Inc. |
| mediarelations@greenbackercapital.com | 484-868-3699 |
| media@communityenergyinc.com |
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