Through a wholly owned subsidiary, Greenbacker Renewable Energy Company has purchased two utility-scale solar projects from Hecate Energy. The acquisitions of Hecate Energy Albany 1 and Hecate Energy Albany 2, which are 20 MWac each, showcase Greenbacker’s ongoing expansion into New York—a market where supportive policy and recent developments provide a compelling backdrop for renewable energy investment.
Both projects are located in Albany County and come with long-term contracts already in place with investment-grade offtakers. Albany 1 is contracted with the New York State Energy Research and Development Authority, while Albany 2 will sell power to Connecticut electricity providers Eversource and United Illuminating Company.
These projects are among Greenbacker’s largest sustainable energy assets in New York and will be contributory in reaching its clean energy goals. Current legislation mandates a zero-emissions electricity sector by 2040, including the bench mark of 70% renewable energy power generation by 2030. Additionally, as part of the initiative to create clean energy jobs and foster a green economy, the 12% of statewide electricity generated by the recently retired 2.1 GW Indian Point nuclear power plant outside New York City, can be replaced with renewable, emission-free power.
“We’re eager to expand access to cleaner, cheaper power options that can more reliably meet the growing energy needs of New York, a state that Greenbacker has called home for 10 years,” said Charles Wheeler, CEO of GREC. “We’re thrilled that by collaborating on this solar portfolio with Hecate Energy, and other projects in the future, we’re able to support local jobs for New Yorkers and help the state achieve its ambitious clean power goals.”
Greenbacker has several signed commitments with Hecate, in addition to Albany 1 and Albany 2, to develop sustainable infrastructure projects in New York, a future pipeline that amounts to hundreds of MW of clean power over the next few years.
“Hecate is proud to partner with Greenbacker to bring these two solar projects online and help address the growing challenge of climate change, and we look forward to many similar projects in the future,” said Chris Bullinger, Hecate CEO. “Greenbacker is a trailblazer in advancing renewable energy through the intelligent deployment of capital into industry-leading projects that will help to make a difference, and we’re very pleased with the development of this collaboration.”
Construction on the projects will begin in the third quarter of 2021 and reach commercial operations in summer 2022.