WASHINGTON, D.C. – Sol Systems today announced that it has sold the rights to a 10.8 megawatt (MW) portfolio of two solar projects – Blue Star and Phoenix – to Greenbacker Renewable Energy Company LLC. The projects, which are located in Chestertown and Capitol Heights, Maryland, are expected to reach commercial operation by June 2019. Sol Systems will oversee the delivery of both projects and Greenbacker will be the owner and operator.
“Sol Systems is delighted to reach this milestone for these projects, and to work with such dedicated professionals from the Greenbacker team,” said Andrew Gilligan, Vice President of Development at Sol Systems.
Blue Star, a 7.8 MW ground mount installation located in Chestertown, Maryland, is contracted with a facility power purchase agreement for 25 years with Washington College, a private liberal arts college. The site will include buffer vegetation and robust habitat preservation.
The electricity produced by Project Phoenix, a 3 MW Prince George’s County project located in Capitol Heights, Maryland, is purchased through a long-term contract with WGL Energy Services, Inc. (WGL Energy). WGL Energy, based in Northern Virginia, has more than 300 megawatts (MW) of distributed generation projects installed or under contract across 20 states and the District of Columbia. The first-of-its-kind renewable energy development project in Prince George’s County, the facility will be located on a site that has remained vacant for 30 years and has been deemed unsuitable for residential development. The solar project will produce enough energy to power 333 homes.
“These projects are an excellent addition to Greenbacker’s solar portfolio, providing long-term, investment-grade cash flows and furthering our targeted expansion into net-metered and utility-scale wind and solar assets”, said Charles Wheeler, CEO of Greenbacker. “Sol Systems has proven its ability to deliver high quality projects and we are excited to deepen our relationship with one of the leading renewable energy firms in the United States.”
Since 2008, Sol Systems has delivered more than 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses, including 134 MW of PPA-contracted projects. The company sells early-stage development assets and shovel-ready projects, selecting a monetization strategy that makes the most sense for the customer, the project, and the investor.
With the addition of the Phoenix Solar Portfolio, Greenbacker will own approximately 290 MW of generating capacity (including assets that are to be constructed) comprising 62 MW of wind facilities and 228 MW of utility-scale and distributed solar facilities.
About Sol Systems
Sol Systems is one of the preeminent solar finance and development firms in the United States. Over the last 10 years, Sol Systems has delivered more than 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies. Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for five years.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. For more information, please visit www.greenbackercapital.com.