Solar Q4 2023 Report

Greenbacker Renewable Energy Company, an investment manager and independent power producer, through its wholly-owned subsidiary, has acquired three solar power projects totaling 12 MWdc in Colorado from One Energy, a solar and energy storage project developer.

The acquisition comprises the Rocky Ford (2.6 MWdc), Totten (2.8 MWdc), and Montezuma (6.5 MWdc) solar power projects, all slated to enter commercial operation in mid-2023. Each project has a long-term power purchase agreement in place with high-credit-quality utility co-op off-takers.

The projects are part of Greenbacker’s second portfolio-level acquisition with OneEnergy, which includes solar energy assets in Wisconsin, Maryland, and Iowa. The first portfolio-level transaction encompassed a 24 MWdc portfolio of solar projects spanning eight sites in 2021, including four solar farms each in Minnesota and Wisconsin.

The company currently owns several dozen solar energy projects in the state, including one solar-plus-storage asset, representing more than 115 MWdc of solar energy projects (over 100 MWdc of which are operational).

Recently, Greenbacker announced that it has closed on a new warehouse financing facility with an initial aggregate principal amount of $75 million, with the potential to increase up to $250 million.

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.

Nautilus Solar Energy, a community solar company on behalf of its affiliate subsidiary Nautilus U.S. Power Holdco (NPUH), recently announced the acquisition of two community solar portfolios in Maryland totaling 23 MW. These portfolios comprise six solar projects spread across the state and are expected to be operational by 2024. NUPH is the long-term owner of the projects, and Nautilus is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.