Ben Baker discusses Greenbacker Development Opportunities Fund’s approach to investing in growth-stage clean energy companies
David Sher, Co-CEO of Greenbacker, talks about the trends transforming the future of the renewable energy asset class
Greenbacker announces substantial year-over-year expansion in operating capacity, fleet size, production, revenue, and investments value, with net assets reaching a record high of over $1.5 billion.
Greenbacker has purchased the Howard wind project, a 55.4 MW operational wind farm, from BlackRock. Howard is now the second largest asset in the company’s wind fleet and also marks Greenbacker’s first wind project in New York, where it supports local green energy jobs and produces enough clean energy to power approximately 12,500 homes a year.
Greenbacker announced today that it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy. The projects, which are slated to reach commercial operation in 2023, will deliver 50 MWac of solar power to consumers in the tri-state area, generating enough clean energy to power nearly 10,000 homes.
Greenbacker has entered into a senior credit agreement of $76.3 million with Fifth Third Bank and PNC. Morgan Stanley Renewables Inc. served as tax equity investor. Greenbacker will use the credit facility to expand its Celadon portfolio of solar projects, which comprises 36 projects totaling 107 MWdc of clean energy–generation capacity.
Greenbacker has announced record growth in 2021, raising almost $1 billion in new investor capital and delivering substantial expansion across fleet size, production, revenue, capital deployed, and portfolio value.
Greenbacker announced today that its Greenbacker Development Opportunities Fund I, LP has completed fundraising, nearly reaching its $150 million hard cap. The Fund provides flexible capital and access to Greenbacker’s best-in-class technical asset management team for growth-stage clean energy companies.
Greenbacker has purchased a 49% financial interest in the 150-MW operating Aurora solar portfolio from BlackRock Global Renewable Power Fund II. The portfolio, which comprises 16 solar projects in the Minneapolis-St. Paul area, represents one of Greenbacker’s single largest acquisitions to date. With this transaction, GREC continues to scale up its national clean energy investments and build out its presence in a state with a proven track record of supporting renewables.
The acquisition from Borrego consists of two pre-operational solar portfolios and a pre-operational energy storage portfolio in NYC. The solar portfolios are mostly made up of community solar projects, contributing to more equitable renewable energy access, while the storage portfolio represents GREC’s first assets under development in the standalone battery storage space, a sector critical to greater grid resilience.
Greenbacker is pleased to announce that Maya Rao has been hired as a Managing Director on the Investments team. Her addition—which underscores Greenbacker’s continuing growth—bolsters the firm’s ability to expand its clean energy investments beyond traditional sectors, particularly in battery storage.
The portfolio’s three 6.7-MWdc projects are Greenbacker’s first assets in Washington, a state with ambitious clean energy targets and strong support for renewables.