Greenbacker Purchases 50 MW Solar Portfolio of New York Projects

Greenbacker Renewable Energy Company LLC has purchased three pre-operational utility-scale solar projects from Hecate Energy LLC through a wholly-owned subsidiary. Once completed, the three projects – all located in Greene County, in upstate New York – will deliver 50 MW AC of solar power to consumers in the tri-state area.

All three projects are expected to be commercially operational by 2023. Each project comes with an investment grade offtaker long-term contract, which will ensure reliable long-term revenue for 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 MWs of clean energy over the next few years. GREC had previously purchased two 20 MW AC utility size solar projects (Albany 1, and Albany 2) from their developer. Both of these projects are expected to enter commercial production in late 2022.