Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MWac


Portfolio expands solar footprint in Montana

New York, NY, May 05, 2021 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREC”) announced today that, through a wholly-owned subsidiary, it purchased an 80 MWac pre-operational solar project from Broad Reach Power (“BRP”).

The project, MTSun Solar LLC, is currently under development in Yellowstone County, Montana, with an expected commercial operation date of July 2022. It has a long-term Power Purchase Agreement (“PPA”) in place with the investment-grade utility Northwestern Energy, enabling GREC to continue developing its strong relationship with a high-quality offtaker.

This transaction is the second between GREC and BRP, following the former’s purchase of the 80 MW Fall River solar project in South Dakota late last year. It is also GREC’s second solar project in Montana.

“We’re thrilled that our continued relationship with Broad Reach Power has allowed our fleet of renewable energy projects to exceed one gigawatt of power generation capacity,” said Charles Wheeler, CEO of Greenbacker. “The fact that this milestone coincides with Greenbacker Capital Management celebrating 10 years of sustainable infrastructure investing makes it all the more special.” (Greenbacker Capital Management, founded in 2011, is an external investment advisor for GREC.)

The achievement also comes shortly after the GREC portfolio’s total enterprise value passed $1 billion for the first time and just in time for GREC’s own five-year anniversary.

“We are confident in the future of the MTSun project in Greenbacker’s hands. We’ve enjoyed the continuation of our relationship with the GREC team and look forward to the positive impact the project will make in Montana,” said James Ferguson, Senior Vice President of Development at Broad Reach Power.

MTSun was developed by Broad Reach Power, an independent power producer (IPP) based in Houston which owns a 16-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, and has a 25-year purchase power agreement signed with NorthWestern Energy.

With the acquisition of MTSun Solar, Greenbacker will own approximately 1.04 GW of generating capacity (including assets that are to be constructed), comprising 773.5 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 15.5 MW of battery storage, and 12.0 MW of biomass facilities.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.

About Broad Reach Power

Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a 16-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

Media Contacts:

Greenbacker:
Joseph Kuo / Chris Clemens
Haven Tower Group
424 317 4851 or 424 317 4854
[email protected]
Broad Reach Power:
Morgan Moritz
Pierpont Communications
512 448-4950
[email protected]