Greenbacker Renewable Energy Company LLC ("GREC" or "Greenbacker"), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today (May 5) that, through a wholly owned subsidiary, it has purchased Howard, a 55.4 MW operating wind project from the BlackRock Global Renewable Power Fund II ("BlackRock"). The Howard project marks Greenbacker's first wind asset in New York, building out the company's presence in a renewables-supportive state and increasing access to cheaper clean energy.
The wind farm, which achieved commercial operation in the fourth quarter of 2011, generates enough wind energy to power approximately 12,500 New York homes a year. Located in Steuben County, it also supports local clean energy jobs, including several full-time service technicians and dozens of subcontractors for ongoing maintenance and special projects.
"It's a joy to deliver clean energy close to home," said Charles Wheeler, CEO of GREC, which is based in New York. "We're very pleased that our successful ongoing collaboration with BlackRock has allowed us to enter a new wind market with Howard which is not only our first wind asset in New York, but also the second largest project in our entire wind fleet." (GREC's largest wind asset is the 57.5 MW Altamont in California).
Howard comes with an existing renewable energy credit contract with an investment-grade offtaker. Projects with high-credit-quality offtakers contribute to Greenbacker's strategy of owning and operating renewable energy assets with reliable long-term revenue. The project also contributes to New York's clean energy targets. Current state legislation mandates that 70% of power generation come from renewable energy by 2030 and calls for a zero-emissions electricity sector by 2040.1
Greenbacker's fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including Howard and assets that are to be constructed). Since 2016, Greenbacker's real assets have produced more than 3.7 million megawatt-hours2 of clean energy, abating nearly 2.7 million metric tons of carbon.3 Today these projects support over 4,600 green jobs.4
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and income generation creates value that we can then pass on to our shareholders while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Greenbacker media contact
Chris Larson
Senior Writer & Media Communications
847.313.9035
c.larson@greenbackercapital.com
1 "New York's Climate Leadership and Community Protection Act (CLCPA)," New York state website, November 11, 2021.
2 Data is as of December 31, 2021.
3 Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of December 31, 2021.
4 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of December 31, 2021.