Greenbacker acquires 10 MW PV plants in California and Colorado

A subsidiary of investment firm Greenbacker Renewable Energy Company LLC signed an agreement to purchase a portfolio of North American solar assets from UK based Foresight Group for approximately $13 million including the repayment of $5 million in project level debt. The Foresight Portfolio consists of six operating solar photovoltaic systems comprising 10 MW located in Colorado (consisting of the Grand Junction – Mesa, Sterling 2 MW and Sterling 500 kW facilities) and California (consisting of Lancaster - Radiance 4 and Radiance 5, and Jamestown – Sonora.
The projects were placed in service throughout 2013 and 2014 and sell power or renewable energy credits to PG&E, Xcel, SCE and various Colorado based governmental agencies through 20-year power purchase agreements with an average of 17 years currently remaining across all locations.
With the addition of these solar assets, the Company now owns approximately 168.9 MW of generating capacity comprising 45.5 MW of Wind facilities and 123.4 MW of commercial and residential solar facilities. In August, Greenbacker acquired 5 solar plants comprising 27.8 MW in North Carolina, and in June the company announced the acquisition of a $6 million solar portfolio from Terraform Power.

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