Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading investor and manager of sustainable services and energy efficiency projects, said today that it had bought 2 utility-scale solar initiatives from Hecate Energy LLC (“Hecate”) through a fully owned subsidiary. Greenbacker’s purchases of the Hecate Energy Albany 1 LLC (“Albany 1”) as well as Hecate Energy Albany 2 LLC (“Albany 2”), all 20 MWac, demonstrate the company’s continuous expansion into New York, a state with favorable policies and recent developments that make renewable energy investment attractive.
The facilities are among Greenbacker’s largest sustainable power assets in New York, and they will play a key role in the state’s clean energy aspirations. As part of the state’s initiative to develop clean energy employment and foster a green economy, current regulation demands a zero-emissions electricity industry by 2040, with 70 percent renewable energy power production by 2030. In addition, because of safety concerns and high running expenses, New York recently shut Indian Point, the 2.1-GW nuclear reactor south of New York City that produced 12 percent of the state’s electricity. Renewable energy can take the place of that emission-free power.
GREC CEO Charles Wheeler remarked, “We’re eager to increase access to greener, cheaper power sources that can more dependably satisfy the expanding energy requirements of New York, a state which Greenbacker has called homeland for ten years.” “We’re ecstatic that by cooperating with Hecate Energy on this solar portfolio, as well as potential projects in the future, we’ll be able to promote local employment for New Yorkers while also assisting the state in meeting its ambitious green power goals.”
Greenbacker has a series of committed commitments with Hecate to create sustainable infrastructure initiatives in Empire State, a potential pipeline that amounts to tens of MW of renewable power over the next few years, in addition to Albany 1 and Albany 2.
Hecate CEO Chris Bullinger said, “We are happy to join with Greenbacker to get these two solar installations online and help solve the rising problem of global warming, and we are looking forward to seeing more such projects in the future.” “Greenbacker is a pioneer in developing renewable energy through the strategic allocation of capital into sector-leading initiatives that will make a difference, and we’re excited about the progress of this partnership.”
Both projects are in Albany County and have long-term contracts with investment-grade off-takers already in place. Albany 1 will sell power to New York State Energy Research and Development Authority. Albany 2 will sell power to Eversource and United Illuminating Company in Connecticut.
Construction on the solar facility is expected to commence in the 3rd quarter of 2021, with commercial operations beginning in summer 2022. Greenbacker will hold about 1.18 GW of producing capacity (including assets that are yet to be built) after purchasing this portfolio, which includes 855.4 MW of the utility-scale and distributed solar, 300.1 MW of wind, 16.0 MW of battery storage, as well as 12.0 MW of biomass plants.