Greenbacker Acquires 16.3 MWdc Operating Rooftop Solar Portfolio in Massachusetts

Greenbacker Renewable Energy Company LLC (GERC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it has purchased a 16.3-MWdc operational solar portfolio from ECA Solar (ECA), a leader in commercial-scale solar development, and Alliance Fund II, a sustainable infrastructure fund sponsored by North Sky Capital and sub-advised by GoldenSet Capital Partners LLC (GoldenSet). Located in Massachusetts, the portfolio comprises 16 rooftop solar projects that benefit from supportive state renewable energy policies, allowing it to provide cheaper clean power to the Greater Boston area.

All 16 projects utilize building rooftop space that would otherwise be left idle. Two of the assets—Holliston (1.9 MWdc) and Wilmington (1.2 MWdc)—also have panel arrays on adjacent parking structures. Each project reached commercial operation between the third quarter of 2018 and the second quarter of 2020 and have power generation capacities ranging from 0.3 MWdc to 4.2 MWdc. Each has a long-term offtake contract in place with investment-grade counterparties that include a mixture of businesses, utilities, municipalities, and local government agencies.

“Greenbacker is thrilled that our new rooftop projects are helping the Boston area run on cheaper solar power,” said Charles Wheeler, CEO of GREC. “ECA Solar developed top-tier assets, and we look forward to collaborating with them on future endeavors to power the clean energy transition.”

The state’s department of energy offers long-term incentive programs to promote solar and energy storage development, including the Solar Massachusetts Renewable Target program and its predecessor, the Massachusetts Solar Renewable Energy Certificate II, which pay incentives for clean energy produced in the state.1 The portfolio participates in both programs, reducing the cost of the solar power it produces and lowering energy bills for its consumers.

This is Greenbacker’s first transaction with ECA, who has developed and operated over five million square feet of rooftop solar Greater Boston and who develops ground mount, carport, and rooftop solar throughout New England, the Mid-Atlantic, and other select markets.

“ECA is proud to have developed, engineered, built, and operated this portfolio of assets that will provide clean energy to Massachusetts consumers for years to come,” said Todd Fryatt, president of ECA Solar. “GoldenSet Capital has been a creative and supportive capital partner whose focused engagement was important throughout the lifecycle of the projects. We also enjoyed transacting with Greenbacker, whose team worked efficiently and effectively towards an outcome benefitting all parties.”

“We have enjoyed our partnership with ECA Solar and the opportunity to create a meaningful portfolio of solar power projects that will benefit the local community for decades to come,” said Everett Smith, CEO of GoldenSet Capital. “They are an exceptional development partner and have helped GoldenSet deliver excellent returns to North Sky and the Alliance Fund investors.”