Greenbacker completes acquisition of three community solar projects in New York

Greenbacker Capital Management, through an affiliated investment vehicle, has completed the acquisition of an 8.7 MW DC community solar photovoltaic portfolio located in New York, USA from ReneSola Power Holdings. 

The portfolio consists of three to-be-constructed community solar projects that are designed to generate clean energy to support about 1,653 homes. The construction of the projects is set to commence in early 2023 with commercial operation by the end of the same year. 

Two of the projects are set to participate in the Solar For All program, a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.