Greenbacker Renewable Energy Co. (GREC), an owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy.
Once completed, the three projects—all located in Greene County, in upstate New York—will deliver 50 megawatts, alternating current (MWac) of solar power to consumers in the tri-state area. On average, they’re expected to generate enough solar energy to power approximately 9,500 homes. All three projects are slated to reach commercial operation in 2023. Each comes with a long-term contract in place with an investment-grade offtaker, which will provide reliable long-term revenue to Greenbacker.
The acquisition represents Greenbacker’s second closed transaction with Hecate. Greenbacker also has signed agreements with Hecate to develop a number of additional solar assets in New York — a pip