Greenbacker, a sustainable infrastructure investment firm, acquired 7.6 MW of nine pre-operational solar projects from Norwich Solar. When completed, the projects will lower power bills for local farmers and give new life to brownfield sites restricted from most uses.
The projects have long-term Net Metering Agreements with over 30 agricultural offtakers—local farms and dairies across the state. The net-metering aspect of the portfolio means that the utility will reduce the offtakers’ power bills by the amount of clean energy the projects supply to the grid. Each solar project is expected, on average, to save local farmers approximately $500,000 on energy costs over the lifecycle of the projects.
The portfolio represents Greenbacker’s first transaction with Norwich, a developer, designer, engineering, procurement, and construction (EPC) provider of clean energy projects throughout New England. Norwich will continue to perform EPC services for the portfolio.
Each project will have a clean power–production capacity of approximately 840 kWdc, for a total portfolio capacity of up to 7.6 MWdc. Five of the projects are slated to reach commercial operation by the end of 2022, with the other four projects expected to enter operation by the second quarter of 2023.
In September, Greenbacker Renewable Energy (GREC), an investment manager and independent power producer, entered into a senior credit agreement of $186.2 million with KeyBank and Fifth Third Bank. Sheppard, Mullin, Richter & Hampton, an international law firm, acted as an advisor for Greenbacker, while Hampton, Winston & Strawn represented the lenders.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021. IBC SOLAR Energy, a division of German photovoltaics specialist IBC Solar AG sold two solar projects of 120 MW in Poland to Afcon Renewable Energy, a subsidiary of Afcon Holdings