Greenbacker Renewable Energy Company LLC acquires tri-state, 19.5-MWdc operating solar portfolio

The 15-project portfolio builds out Greenbacker’s New England operations and includes the company’s first asset in Rhode Island

NEW YORK, Nov. 03, 2021 (GLOBE NEWSWIRE) — New York, NY, November 3, 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 has purchased a 15-project solar portfolio from NextSun Energy (“NextSun”). The NextSun operating portfolio, which totals 19.5 MWdc of clean power–generating capacity, expands Greenbacker’s footprint in New England and includes the company’s first asset in Rhode Island (North Smithfield, 1.1 MWdc).

The power-generating capacity of the portfolio’s component projects ranges from 0.6 MWdc to 5.0 MWdc. The projects all reached commercial operations between the fourth quarter of 2013 and the first quarter of 2017, and all come with long-term power purchase agreements already in place with utilities, municipalities, and businesses.

“As Greenbacker’s clean energy contributions to New England’s power generation landscape continue to grow, we’re particularly excited to announce our first renewable energy asset in Rhode Island,” said Charles Wheeler, CEO of GREC. “This portfolio also represents a successful collaboration with the solar development experts at NextSun Energy, with whom we look forward to partnering again in the future.”

“With the recent sale of our operating portfolio to GREC, we now have the ability to focus all of our bandwidth directly on developing future solar and battery energy storage systems,” said Jake Laskin, President of NextSun. “We couldn’t be happier with the partnership we have created with the folks at GREC and certainly look forward to working together again.”

Including the acquisition of these projects, Greenbacker’s fleet of sustainable infrastructure projects comprises approximately 2.2 GW of generating capacity (including assets that are to be constructed). Since 2016, Greenbacker’s real assets have generated 3.0 million megawatt-hours¹ of clean energy, abating 2.1 million metric tons of carbon.² Today these projects support 2,700 green jobs.³

^{1 _{Data is as of June 30, 2021.}
2 _{Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.}
3 _{Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2021.}}

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. We invest in high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Our focus on power production and income generation creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.

About NextSun Energy
Established in 2010, NextSun Energy started out as an EPC but now focuses specifically on solar development, and asset management. We have focused on the Northeast markets but also have a large presence in Michigan focusing on 1-10MW solar PV projects. We have now developed and or built over 40 projects. It is our mission to deliver clean, renewable power to our clients at low rates while providing sustainable returns to our investors. By creating mutually beneficial partnerships, we are able to develop turn-key solutions for both public and private customers, landowners, and electricity customers that are built to last for generations.

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

NextSun Energy LLC:
PO BOX 974
Edwards, CO 81632
617-942-2733