Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 104 MWdc
Greenbacker Renewable Energy Company LLC (“GREC”) announced today that, through a wholly-owned subsidiary, it purchased a 80 MWac /104 MWdc pre-operational solar project from rPlus Energies LLC (“rPlus”).
The project, Graphite Solar I LLC, is located in Carbon County, Utah and has a long-term Power Purchase Agreement (“PPA”) in place with the utility PacifiCorp on behalf of Facebook. The contract was developed under Rocky Mountain Power’s Schedule 34 green energy tariff, which allows large customers to purchase renewable energy generated on their behalf. The project supports Facebook’s goal of 100% renewable energy for its operations and is expected to reach commercial operations (“COD”) in Q4 2021.
“Graphite Solar, now our largest solar acquisition to date, is indicative of growing scale within our portfolio.” said Charles Wheeler, CEO of Greenbacker. “Large projects like Graphite will increasingly be necessary to meet the electricity needs of the technology economy and provide carbon neutral alternatives to traditional power sources. We were pleased to work with rPlus Energies, who proved to be a valuable partner during this transaction and will continue supporting the project through construction.”
“We look forward to working with Greenbacker to help PacifiCorp and Facebook tap the excellent solar capacity available in Utah,” said Luigi Resta, CEO, rPlus Energies. “And we look forward to continuing to work with the Carbon County community through project construction, with a focus on energizing the economy and local hiring. With the long-term goal to help rebuild America’s aging energy infrastructure, the sale of this project will allow rPlus to continue to advance renewable energy projects in communities across the United States.”
With the acquisition of Graphite Solar I, Greenbacker will own approximately 915.4 MW of generating capacity (including assets that are to be constructed), comprising 641.7 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 19.1 MW of battery storage, and 12.0MW 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 rPlus Energies
rPlus Energies develops modern power plants to contribute to the rebuilding of America’s energy infrastructure. Through partnership with the private sector, municipalities, and utilities, rPlus develops utility-scale power plants to access a region’s best mix of renewable resources to enable a more dispatchable and reliable power supply. rPlus Energies currently has approximately 35 projects in 18 states in active development including solar, wind, pumped-hydro, and solar plus battery. rPlus Energies is a subsidiary of The Gardner Companies, which have been dedicated to building better communities through thoughtful, sustainable practices in developing and managing real estate, renewable energy and technology, and providing results-oriented philanthropy since 1976. Learn more at www.rplusenergies.com
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.