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Greenbacker Renewable Energy Company LLC acquires 6.6-MWdc pair of community solar projects in Maine

·5 min read

The projects expand Greenbacker’s presence in a supportive renewables state

NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it has purchased a to-be-constructed solar portfolio in Maine, from ReneSola Power Holdings (“ReneSola”). The portfolio’s two projects—Athens Ridge (3.8 MWdc) and Mars Hill (2.8 MWdc)—deepen Greenbacker’s relationship with an established renewables developer with a robust pipeline of both community and utility-scale solar projects, as well as battery energy storage systems. The projects also diversify and expand Greenbacker’s fleet of sustainable infrastructure assets in Maine, a state with high demand and policy support for renewable energy.

These two projects are Greenbacker’s most recent in a history of successful renewable energy collaborations with ReneSola. During the first quarter of 2021, GREC purchased a pair of the developer’s Utah solar assets, totaling 9.8 MWdc. The following quarter, Greenbacker acquired the other pre-operational solar projects—Richmond Hill (2.5 MWdc) and Lebanon Road (2.8 MWdc)—that combine with Athens Ridge and Mars Hill to round out ReneSola’s 2022 Maine portfolio.

All four projects in that Maine pipeline are grandfathered into the state’s net energy billing program, which was capped in the second quarter of 2021. The program was designed to encourage small-scale renewable power by allowing consumers to offset their power bills by the net amount of energy they generate with their own (or community) clean energy systems. As the state’s website describes, it is “as if the meter runs backwards whenever the customer’s facility is generating more than the customer is consuming.”1

“We’re proud that these projects will contribute to cheaper renewable energy for Mainers,” said Charles Wheeler, CEO of GREC. “Our partnership with ReneSola—and their wide-ranging renewables expertise—continues to help the Pine Tree State progress toward its admirable clean power generation goals, and we look forward to collaborating on projects with them in the future.”

Athens Ridge and Mars Hill are being sold at the notice to proceed stage, with Greenbacker completing the construction and retaining long-term ownership. Construction is expected to begin on the projects in the first quarter of 2022, with both assets slated to reach commercial operation in the third quarter of that year.

“ReneSola Power is committed to accelerating solar development in the US, and we are thrilled to see these projects contribute to Greenbacker’s renewable energy portfolio and the clean energy goals of Maine,” said John Ewen, President of ReneSola Power Holdings (North America).

Including the acquisition of these projects, Greenbacker’s fleet of sustainable infrastructure projects comprises approximately 2.2 GW of generating capacity (including assets that are to be constructed), across solar, wind, battery storage, and biomass facilities. Since 2016, Greenbacker’s real assets have generated 3.0 million megawatt-hours2 of clean energy, abating 2.1 million metric tons of carbon.3 Today these projects support 2,700 green jobs.4

1 https://www.maine.gov/mpuc/legislative/documents/Net%20Energy%20Billing.pdf
2 Data is as of June 30, 2021.
3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.
4 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2021.

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and income generation creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.

About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the US and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

Media Contacts:

Greenbacker:
Chris Larson
Senior Writer & Media Communications
847.313.9035
c.larson@greenbackercapital.com

ReneSola Power:
ReneSola Ltd
Mr. Adam Krop
+1 (347) 577-9055 x115
IR.USA@renesolapower.com

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com


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