Greenbacker signs agreement to acquire 27.7 MW solar portfolio in Vermont

Greenbacker Renewable Energy Company LLC, through a wholly-owned subsidiary, has signed the rights to purchase a 27.7 MWdc, 14 project solar portfolio from Encore Renewable Energy and closed a US$4 million equipment loan facility with Encore to support safe harbor efforts ahead of the investment tax credit (ITC) phasedown scheduled for the end of the year.

The portfolio consists of 14 projects located throughout Vermont that are or will be contracted with various utilities, municipalities, universities, and other businesses through 25-year offtake agreements. The portfolio consists of projects that are either in the development process or have completed development and will commence construction in the near-term. All of the projects are expected to reach completion over the next twelve months.