Greenbacker Renewable Energy acquires 4 solar projects for $7.5 million
Written By: Tracy Dawson Roses
August 18, 2015
On August 18, Greenbacker Renewable Energy Company, through its wholly-owned subsidiary Magnolia Sun LLC, signed a definitive agreement to acquire 4 solar facilities in Fayetteville, Tennessee, for a gross purchase price of approximately $7,500,000.
The first assets acquired within the Magnolia Sun Portfolio consist of commercial grade, ground mounted solar systems located on leased property. Electricity produced by the portfolio is sold under long term Power Purchase Agreements with two Investment Grade counterparties; the Tennessee Valley Authority and Fayetteville Public Utilities.
Charles Wheeler, CEO of Greenbacker commented:”We continue to expand our solar portfolio and diversify our holdings through the addition of new locations around the United States. We are excited to purchase our first deal in Tennessee, Powerhouse One, especially given the high quality of the contractual off takers.”
Counsel for Greenbacker on this transaction was Winstead PC.