NEW YORK, Oct. 15, 2014 /PRNewswire/ — Greenbacker Renewable Energy Company (“Greenbacker”) announced today that through a wholly-owned subsidiary it signed a definitive agreement to acquire five to-be-constructed solar power facilities throughout the state of Vermont.
The deals were developed by Green Lantern Capital LLC, a successful solar developer and will be constructed by leading Engineering, Procurement and Construction (EPC) firms during 2014 and the first six months of 2015. The cost of the fully constructed facilities will be approximately $9,222,000, plus closing costs. Greenbacker was assisted in its acquisition by Black Emerald Group, a leading renewable energy advisor.
The Green Maple Portfolio, when operational, will consist of ground mounted solar facilities and will sell electricity under long term Power Purchase Agreements to utility, municipality and commercial off takers. In total, the facilities are expected to produce approximately 4,695,000 kilowatt hours of power in its first year of operation; enough electricity to power approximately 629 homes for one year of typical use.
“Vermont is a particularly compelling market where aggressive targets for clean energy combined with the planned retirement of the Vermont Yankee Nuclear Reactor should create a good market for Electric Power Generation Assets,” stated Charles Wheeler, CEO of Greenbacker. “We look forward to constructing the facilities, which will create jobs and avoid carbon when compared to traditional fossil fuel based facilities while generating an anticipated steady and predictable return for investors.”
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a publicly registered, non-traded Limited Liability Company that owns and/or acquires a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.