A Greenbacker Renewable Energy subsidiary has purchased a construction-stage portfolio of solar projects located in Maryland.
Greenbacker has purchased the 10.8 MW portfolio comprising Project Blue Star and Project Phoenix, collectively called the Phoenix Solar Portfolio, from Sol Systems. Both projects are scheduled to be online by June 2019.
Greenbacker typically does not hire external financial or legal advisers, PFR was told by David Sher, co-ceo of the Greenbacker Group. Spokespeople for Sol Systems did not immediately respond to inquiries regarding the use of advisers by press time.
The 7.8 MW Project Blue Star is located in Chestertown, Kent County and has a 25-year power purchase agreement with Washington College.
The 3 MW Project Phoenix is located in Capitol Heights, Prince George’s County, and has a 12-year PPA with a subsidiary of WGL Holdings; a public utility holding company serving the greater Washington D.C. area.
Greenbacker also recently acquired a 21.8 MW solar portfolio in North Carolina from SunEnergy1, simultaneously arranging back leverage and tax equity financing (PFR, 11/28).
The addition of the Phoenix Solar Portfolio brings Greenbacker’s capacity up to about 290 MW, including assets that are to be constructed, comprising about 62 MW of wind generation and 228 MW of utility-scale and distributed solar generation.
“The Phoenix Solar Portfolio is an excellent addition to the Company’s solar portfolio, providing long-term, investment grade cash flows and furthering the Company’s targeted expansion into net-metered and utility scale wind and solar assets," said Charles Wheeler, ceo of Greenbacker, in a statement.