Greenbacker Renewable Energy Company announced that on August 18, 2015, through a wholly-owned subsidiary, Magnolia Sun LLC, it signed a definitive agreement to acquire 4 solar facilities in Fayetteville, Tennessee, for a gross purchase price of approximately $7,500,000. The first assets acquired within the Magnolia Sun Portfolio (named “Powerhouse One”), consists of commercial grade, ground mounted solar systems located on leased property. Electricity produced by the portfolio is sold under long term Power Purchase Agreements with two Investment Grade counterparties; the Tennessee Valley Authority and Fayetteville Public Utilities.
In total, the systems are expected to produce approximately 4,392,000 Kilowatt hours of power each year; enough electricity to power approximately 495 homes for one year of typical use.
“We continue to expand our solar portfolio and diversify our holdings through the addition of new locations around the United States,” stated Charles Wheeler, CEO of Greenbacker. “We are excited to purchase our first deal in Tennessee, Powerhouse One, especially given the high quality of the contractual off takers.”
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.