Robust Market Conditions Support 10-MW Solar Asset Sale in US

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Missouri-based Greenbacker Renewable Energy Co. has purchased six operational solar facilities in California and Colorado with a total generating capacity of 10 MW.

“Conditions in the renewable energy market continue to be robust, and we are pleased to be able to execute on great transactions while simultaneously expanding our pipeline of potential alternative energy deals,” Charles Wheeler, CEO of Greenbacker, said in a statement.

Greenbacker and Foresight Group reached an agreement on the acquisition in December, with the transaction closing at the end of January.

The deal structure included various tax equity and debt structures, as well as investment-grade utility and government agency offtakers. CohnReznick Capital served as exclusive advisor to Foresight, which is an infrastructure and private equity investment manager based in the U.K.

“At Foresight, we have a strong pipeline of renewable and new energy infrastructure opportunities in the U.S. which we are pursuing on behalf of our institutional and retail investors, including wind, solar, bioenergy and battery storage projects,” Dan Wells, Partner, Foresight Group, said.

The acquisition brings Greenbacker to a total ownership of approximately 184.9 MW of generating capacity comprising 61.5 MW of wind facilities and 123.4 MW of commercial and residential solar facilities. 

Lead image credit: CC0 Creative Commons | Pixabay

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