A subsidiary of Greenbacker Renewable Energy has acquired the rights to three solar farms totalling about 110MW in the US state of New York from Hecate Energy for an undisclosed price.
The three projects are located in Greene and Albany counties with closing expected later this year, Greenbacker said.
All the plants are scheduled to achieve commercial operations in 2021.
Greenbacker said it will strive to source labour, material and equipment for the projects within New York state.
The portfolio will sell a portion of the renewable energy credits generated to an unnamed investment grade off taker through a 20-year fixed price contract.
The remaining portion of energy and REC attributes generated by the projects will be sold to two undisclosed utilities through fixed price 20-year contracts.
Greenbacker chief executive Charles Wheeler said: “We are excited to partner with Hecate Energy to develop and construct the NY Solar Portfolio, adding significant, high value and quality projects to our future pipeline.
“After achieving operations this portfolio will represent one of the largest solar portfolios in New York state and will be paramount in helping New York reach its ambitious clean energy goals.
“We hope to continue our renewable energy investment activities in New York and with Hecate in the months and years to come.”
Hecate Energy president and chief executive Chris Bullinger said: “Greenbacker’s innovative approaches and strong financial commitment are helping drive the renewables revolution needed to address our significant energy and climate challenges.
“We are delighted to be partnering with them on this portfolio of projects and many more into the future.”
Greenbacker said the additions will raise its owned generating capacity to 731.5MW.
The capacity comprises 177.2MW of wind, 542.3MW of utility-scale and distributed solar and 12MW of biomass.