Greenbacker Acquires Three Solar Power Projects in Colorado

August 24, 2023

The 12 MWdc acquisition further expands Greenbacker’s solar footprint in the state

New York, NY, August 24, 2023 — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading climate-focused investment manager and independent power producer, has purchased, through a wholly owned subsidiary, three solar projects totaling 12 MWdc in southwestern Colorado from OneEnergy Renewables (“OneEnergy”).

With these projects, Greenbacker continues to scale its growing presence in the Colorado solar market. GREC currently owns several dozen solar energy projects, including one solar-plus-storage asset, in the state, representing more than 115 MWdc of solar energy projects (over 100 MWdc of which are operational).

The acquisition comprises the Rocky Ford (2.6 MWdc), Totten (2.8 MWdc), and Montezuma (6.5 MWdc) solar facilities, all slated to enter into commercial operation in mid-2023. Each project has a long-term power purchase agreement in place with high-credit-quality utility co-op offtakers.

The projects are part of Greenbacker’s second portfolio-level acquisition with OneEnergy, a deal that also includes solar energy assets in Wisconsin, Maryland, and Iowa. The first portfolio-level transaction encompassed a 24 MWdc portfolio of solar projects spanning eight sites in 2021, including four solar farms each in Minnesota and Wisconsin. 

OneEnergy is a seasoned developer of both utility scale and community solar projects across the US. The company will continue to be involved with these three projects as the engineering, procurement, and construction services provider.

Greenbacker’s fleet of clean energy projects comprises nearly 3.4 gigawatts of generating and storage capacity, in service of the company’s mission to empower a sustainable world. Since 2016, Greenbacker’s real assets have produced over 7.4 million megawatt-hours1 of clean energy, abating more than 5.3 million metric tons of carbon.2 Today these projects support over 6,000 green jobs.3

1 Data is as of June 30, 2023.

2 EPA Greenhouse Gas Equivalencies Calculator. Data is as of June 30, 2023.

3 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports approximately four jobs. Data is as of June 30, 2023.

Article provided by Greenbacker.

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