Greenbacker acquires $6 million solar portfolio from Terraform Power

Greenbacker Renewable Energy Company LLC announced that through a wholly-owned subsidiary the company signed a purchase and sale agreement to purchase an additional 1,252 operating residential photovoltaic solar systems, with aggregate generating capacity of 8.917 MW, from a subsidiary of Terraform Power for approximately $6 million. The portfolio is located in Arizona, California, Connecticut, Massachusetts, Maryland, Nevada, New Jersey and New York, all possess power purchase agreements had original agreement terms of 20 years. The weighted average remaining life of these systems at time of purchase was approximately 18.6 years.
This transaction follows the $800,000 purchase of a 2.5 MW portfolio of residential solar assets from Terraform in March. That portfolio was contracted under 20 year PPA agreements with the Denver Housing Authority and Xcel Energy.
Greenbacker Renewable Energy is a non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.

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