Greenbacker Renewable Energy has announced the acquisition of the 12MW (AC) Eagle Valley Clean Energy (EVCE) Biomass Project, for undisclosed amount.
The Eagle Valley Clean Energy Biomass facility is located in Gypsum, Colorado, and is a power plant which generates electricity from the combustion of waste wood.
Greenbacker said that the plant sells all the energy it generates under a long- term contract with Holy Cross Energy, which is not-for-profit Rural Electric Cooperative providing electricity to over 55,000 members.
Greenbacker CEO Charles Wheeler said: “We are pleased to announce Greenbacker’s investment in the Eagle Valley Clean Energy Plant. While this is our first Biomass Facility to date, it is a well-established facility with a successful operating history.
“We plan to continue this success by utilizing the facility’s current Operations and Maintenance team to operate the plant, a team which has managed the facility on a profitable basis since inception.
“Eagle Valley showcases Greenbacker’s proven ability to source unique transactions which we believe will provide compelling and predictable returns to investors over the long term while also producing measurable environmental impact.”
Greenbacker said that with addition of the biomass facility, it now owns approximately 366.3MW of generating capacity, comprising 61.5MW of wind facilities, 292.8MW of commercial and residential solar facilities and 12MW of Biomass facilities.
Wheeler added: “Besides providing renewable energy to the Western Slope of Colorado, this facility is a piece of the U.S. Forest Service’s initiative for the disposal of pine beetle infested wood from the local forests helping to reduce the risk of catastrophic wildfire in the area.”
In February 2019, the company, through its wholly-owned subsidiary, purchased the rights to a 21.2MW portfolio of six distributed solar projects from a subsidiary of Clearway Energy Group.
The DG Solar Portfolio projects, located in California, New Jersey and Maryland, are expected to reach commercial operation between June 2019 and March 2020. The portfolio is contracted with facility power purchase agreements for 20 to 25 years.