Greenbacker Renewable Energy Company LLC (New York) on August 10th,
2016 announced that through a wholly-owned subsidiary it acquired a
controlling interest in a 12.1 MW portfolio of 1,611 solar photovoltaic
(PV) systems from a subsidiary of OneRoof Energy, Inc. (San Diego, CA,
U.S.) for approximately USD 19,750,000.
The PV systems are located on residential
rooftops across seven states, including California, New Jersey,
Massachusetts, Maryland, New York, Hawaii and Connecticut.
Under the terms of the transaction, Greenbacker was
appointed the managing member of “Greenbacker Residential Portfolio #1”
and OneRoof will retain a residual interest and continue to perform
general operation and maintenance functions.
Twenty-year solar PPAs
All of the solar power generated by the PV systems
will be sold under twenty-year power purchase agreements (PPAs) to
residential customers.
"Adding a large residential rooftop solar portfolio
in partnership with OneRoof, who maintains an ongoing minority stake in
the portfolio, adds significant diversification to Greenbacker's current
portfolio of solar and wind assets," stated Charles Wheeler, CEO of
Greenbacker.
"This segment of the market has become increasingly
sophisticated and opportunities for securitization of these portfolios
provide significant upside potential. As we continue to grow our
portfolio of alternative energy assets, which now totals in excess of
USD 100 million, we seek projects that will continue to broaden our
revenue stream, providing more predictable returns for our investors."
"This transaction is consistent with our current
plan to utilize capital to support strategic growth under our Solar 2.0
model, which is focused on being a low cost, capital-light, residential
solar fulfilment platform, focused on partnering with scalable and
low-cost sales partners," stated David Field, president and CEO of
OneRoof.
MVP Capital acted as the exclusive financial advisor to OneRoof in arranging this transaction.
source:http://www.solarserver.com
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