Greenbacker Renewable Energy Co. (GREC) has purchased a 49 percent financial interest in the 150-megawatt operating Aurora solar portfolio from BlackRock Global Renewable Power Fund II. The portfolio, which comprises 16 solar projects in the Minneapolis–St. Paul area, represents one of Greenbacker’s single largest acquisitions to date.
With this transaction, GREC continues to scale up its national clean energy investments and build out its presence in a state with a proven track record of supporting renewables. During the past 15 years, renewable energy–generated electricity usage has increased from 6 percent to 24 percent in Minnesota, which has the goal of making renewables 25 percent of its total energy use by 2025.
“Aurora represents a huge stride in expanding our presence in the renewable energy asset class,” said Charles Wheeler, CEO of GREC. “We’re very happy that our successful collaboration with BlackRock and Enel Green Power North America is con