Greenbacker Renewable Energy has purchased a 16.3-MWdc operational solar portfolio from ECA Solar and Alliance Fund II. Located in Massachusetts, the portfolio includes 16 rooftop solar projects that benefit from supportive state renewable energy policies, allowing it to provide cheaper clean power to the Greater Boston area.
All 16 projects will utilize rooftop space that would otherwise go unused. Two of the assets—Holliston (1.9 MWdc) and Wilmington (1.2 MWdc)—also have panel arrays on adjacent parking structures. All three projects were commercially operational between the third quarter of 2018 and the second quarter of 2020, with power generation capacities ranging from 0.3 MWdc to 4.2 MWdc. Each has a long-term offtake contract in place with investment-grade counterparties that include a mixture of businesses, utilities, municipalities, and local government agencies.
“Greenbacker is thrilled that our new rooftop projects are helping the Boston area run on cheaper solar power,” said Charles Wheeler, CEO of GREC. “ECA Solar developed top-tier assets, and we look forward to collaborating with them on future endeavors to power the clean energy transition.”
The Massachusetts Department of Energy offers long-term incentives for solar and energy storage development, including the Solar Massachusetts Renewable Target program, the Massachusetts Solar Renewable Energy Certificate II, and the Massachusetts Solar Renewable Energy Certificate III. The portfolio participates in both programs, reducing the cost of the solar power it produces, and lowering energy bills for consumers.
This is Greenbacker’s first transaction with ECA, who has developed and operated over five million square feet of rooftop solar in Greater Boston and develops ground mount, carport, and rooftop solar throughout New England, the Mid-Atlantic, and other select markets.
“ECA is proud to have developed, engineered, built, and operated this portfolio of assets that will provide clean energy to Massachusetts consumers for years to come,” said Todd Fryatt, president of ECA Solar. “GoldenSet Capital has been a creative and supportive capital partner whose focused engagement was important throughout the lifecycle of the projects. We also enjoyed transacting with Greenbacker, whose team worked efficiently and effectively towards an outcome benefitting all parties.”
“We have enjoyed our partnership with ECA Solar and the opportunity to create a meaningful portfolio of solar power projects that will benefit the local community for decades to come,” said Everett Smith, CEO of GoldenSet Capital. “They are an exceptional development partner and have helped GoldenSet deliver excellent returns to North Sky and the Alliance Fund investors.”
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