Projects are part of a pipeline representing hundreds of megawatts of clean energy in the state
New York, NY, May 3, 2022 — Greenbacker Renewable Energy Company LLC (“Greenbacker” or “GREC”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC (“Hecate”).
Once completed, the three projects—all located in Greene County, in upstate New York—will deliver 50 MWac of solar power to consumers in the tri-state area. On average, they’re expected to generate enough solar energy to power approximately 9,500 homes. All three projects are slated to reach commercial operation in 2023. Each comes with a long-term contract in place with an investment-grade offtaker, which will provide reliable long-term revenue to Greenbacker.
The acquisition represents Greenbacker’s second closed transaction with Hecate. Greenbacker also has signed agreements with Hecate to develop a number of additional solar assets in New York—a pipeline totaling hundreds of megawatts of clean energy over the next few years. Previously, GREC had acquired two 20-MWac utility-scale solar projects (Albany 1 and Albany 2) from the developer, both of which are slated to enter commercial development in late 2022. All of these projects will help the state progress toward its climate goals, including a carbon neutral economy, 70% renewable energy power generation by 2030, and zero-emissions electricity by 2040.1
Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including the three Greene projects and other assets that are to be constructed). Since 2016, Greenbacker’s real assets have produced more than 3.7 million megawatt-hours2 of clean energy, abating nearly 2.7 million metric tons of carbon.3 Today these projects support over 4,600 green jobs.4
1 https://climate.ny.gov/Our-Climate-Act/Draft-Scoping-Plan, January 2022.
2 Data is as of December 31, 2021.
3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of December 31, 2021.
4 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 5.8 jobs. Data is as of December 31, 2021.