Greenbacker announces commercial operations of 20 MW solar project in California
Greenbacker Renewable Energy Company LLC has announced that it has completed the construction of its 20MWac Midway III solar PV project located in Imperial County, California. This project represents the largest solar project constructed by Greenbacker to date and has been completed on budget and ahead of schedule.
Greenbacker purchased this project from Solar Frontier Americas Holdings LLC in December 2017 and began construction in January 2018. As part of the transaction, Greenbacker built upon on its relationship with KeyBank N.A. by entering into a term loan backleverage facility for Midway III. In addition, the Company also arranged tax equity financing from PNC Bank. Both transactions closed on September 28, 2018.
Midway III sells all generated power to San Diego Gas & Electric Company through a 20-year fixed-price power purchase agreement (PPA). The plant officially reached commercial operation under its PPA on 6 September 2018.
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