Greenbacker Renewable Energy Company Acquires New York Solar Projects totaling 40 MWac
The company continues to build out future pipeline in a market with significant tailwinds for clean power
New York, NY, August 12, 2021 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased two utility-scale solar projects from Hecate Energy LLC (“Hecate”). The acquisitions of Hecate Energy Albany 1 LLC (“Albany 1”) and Hecate Energy Albany 2 LLC (“Albany 2”), both 20 MWac, showcase Greenbacker’s continued expansion into New York—a market where supportive policy and recent developments provide a compelling backdrop for renewable energy investment.
The projects are among Greenbacker’s largest sustainable energy assets in New York and will be instrumental in helping the state reach its clean energy goals. Current legislation mandates a zero-emissions electricity sector by 2040, which is set to include 70% renewable energy power generation by 2030, as part of the state’s initiative to create clean energy jobs and foster a green economy. Additionally, New York recently retired Indian Point, a 2.1-GW nuclear plant outside of New York City that generated 12% of the state’s electricity, due to safety concerns and increased operating costs. That emissions-free power can be replaced with renewables.
“We’re eager to expand access to cleaner, cheaper power options that can more reliably meet the growing energy needs of New York, a state that Greenbacker has called home for 10 years,” said Charles Wheeler, CEO of GREC. “We’re thrilled that by collaborating on this solar portfolio with Hecate Energy, and other projects in the future, we’re able to support local jobs for New Yorkers and help the state achieve its ambitious clean power goals.”
Beyond Albany 1 and Albany 2, Greenbacker has a number of signed commitments with Hecate to develop sustainable infrastructure projects in the Empire State, a future pipeline that amounts to hundreds of MW of clean power over the next few years.
“Hecate is proud to partner with Greenbacker to bring these two solar projects online and help address the growing challenge of climate change, and we look forward to many similar projects in the future,” said Chris Bullinger, Hecate CEO. “Greenbacker is a trailblazer in advancing renewable energy through the intelligent deployment of capital into industry-leading projects that will help to make a difference, and we’re very pleased with the development of this collaboration.”
Both projects are located in Albany County and come with long-term contracts already in place with investment-grade offtakers. Albany 1 is contracted with the New York State Energy Research and Development Authority, while Albany 2 will sell power to Connecticut electricity providers Eversource and United Illuminating Company.
The solar facilities are slated to begin construction in the third quarter of 2021 and reach commercial operations in summer 2022.
With the acquisition of this portfolio, Greenbacker will own approximately 1.18 GW of generating capacity (including assets that are to be constructed), comprising 8.554 MW of utility-scale solar facilities, 300.1 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.