Today there is an unparalleled opportunity to create value by hosting and monetizing multiple onsite distributed energy resources (DERs). Proximity to strategic grid interconnection is key to facilitating the storage and sale of power, which can provide benefits like additional revenue, energy resilience, and rental appeal for both property owners and tenants.
Greenbacker Principal Quinn Pasloske discusses infrastructure investment opportunities in the energy transition, including the company’s first investment in green molecules
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.
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.
The 16-project rooftop solar portfolio utilizes area atop buildings and parking structures—space that would otherwise be left idle—to help the Greater Boston area run on cheaper clean energy.
The South Street solar project is now GREC’s largest solar asset in Vermont. Once completed, 100% of the clean energy it produces will be allocated to Middlebury College.
With this investment, Greenbacker enters the floatovoltaics market, an emerging area of the renewable energy asset class with unique environmental and power production advantages.
The transaction was led by Greenbacker Capital Management, LLC investing through an affiliated fund. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA’s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions. “We are grateful for Greenbacker’s continued confidence and support in us as a disciplined, rapidly growing renewable energy platform,” says Manish Nayar, CEO and Founder of OYA Solar.