Greenbacker Renewable Energy Company Acquires 41-MW Solar Asset in Michigan
The company acquires its largest project in the state, packaged with an option to add power storage
NEW YORK, Sept. 08, 2021 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased Heathlands, a 41-MW utility-scale solar project from Prism Power Partners LLC (“Prism”). The to-be-constructed asset is the second project in Prism’s 53-MW 2022 Michigan portfolio, the other being a 12-MW pre-operational solar project which Greenbacker also purchased earlier this year. Heathlands marks Greenbacker’s largest asset in Michigan, as the company continues to expand its footprint in the Great Lakes State.
The Heathlands solar project also comes with the potential to build out energy storage capabilities. The facility was designed with the option to add co-located battery energy storage systems onsite. Power storage coupled with renewable energy offers numerous advantages, such as lowering consumer electric bills by discharging stored energy during periods of peak demand and saving power reserves for specific use during emergencies.
Heathlands is Greenbacker’s third acquisition from developer Prism, with whom the company has an ongoing relationship. In 2019, GREC acquired Prism’s Electric City solar project, a 19-MW facility located in southwestern Michigan. Similar to Electric City, Greenbacker plans to plant pollinator-friendly vegetation below the solar panels at Heathlands. These plants will support declining pollinator populations and sequester carbon in the earth via deeper root systems, which also improve a site’s soil stability and mitigate storm water runoff. Because it requires less mowing and maintenance, introducing this flora can help reduce a site’s operating costs, as well.
“We’re excited to help lower consumer power bills and increase clean energy availability across the state of Michigan,” said Charles Wheeler, CEO of GREC. “Our continuing partnership with Prism has helped support local jobs and create meaningful sustainable power generation for Michiganders—not to mention the additional benefits and dependability that can accompany any future energy storage functionality.”
“We are excited to work again with Greenbacker to increase the supply of renewable energy in Michigan,” said Randall Wood, Managing Director of Prism. “Heathlands Solar, which represents Prism’s third utility-scale solar project in the state, will provide clean, reliable energy, as well as long-term economic development.”
Located in Manistee County, Heathlands has entered into a long-term power purchase agreement with an investment-grade offtaker. The project is expected to begin construction early next year and reach commercial operations in the fourth quarter of 2022.
With the acquisition of this project, Greenbacker will own approximately 2.18 GW of generating capacity (including assets that are to be constructed), comprising 1.82 GW of utility-scale and distributed solar facilities, 330.1 MW of wind facilities, 16.0 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 Prism Power Partners
Prism Power Partners is an experienced renewable energy project developer focused on leveraging strong relationships with host communities and electric load-serving entities throughout the Midwest, including Michigan. Prism’s team has developed over 250 solar projects and over 100 megawatts of energy storage across North America and brings in-house capabilities, including: real-estate acquisition, interconnection, design and engineering, power marketing, and project financing. This broad capability allows Prism to develop generation projects efficiently and with a high rate of success.
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:
Chris Larson
Senior Writer & Media Communications
(847) 313-9035
c.larson@greenbackercapital.com
Prism Power Partners:
Randall Wood
Managing Director
(312) 330-5014
randy@prismpowerpartners.com
