Greenbacker Capital Management’s Appaloosa Solar 1: A Landmark in Renewable Energy Financing and Sustainability Milestones

Greenbacker Capital Management (GCM or Greenbacker), a prominent renewable energy asset manager, has announced the commercial operation of its Appaloosa Solar 1 project in Iron County, Utah. With a capacity of 240 MWdc / 200 MWac, Appaloosa surpasses the Graphite Solar project, making it Greenbacker’s largest operational clean energy asset to date.

The financing for Appaloosa marked a significant milestone as one of the first tax equity transactions to utilize the solar production tax credit (PTC) expanded by the Inflation Reduction Act. This represents a new avenue in financing for Greenbacker, which has previously utilized the investment tax credit (ITC) for its projects.

Ben Tillar, Principal at Greenbacker, stated, “Bringing Appaloosa online is a milestone for GCM and for the energy transition, showcasing a new approach to sustainable power generation.”

Appaloosa, developed by rPlus Energies, LLC (rPlus) with Sundt Construction handling engineering and construction, has a long-term power purchase agreement with utility PacifiCorp. The project contributes to Meta’s renewable energy goals and supports Rocky Mountain Power’s green energy tariff.

Luigi Resta, rPlus President & CEO, emphasized the partnership’s success from the previous project, stating, “We are incredibly proud to reach this milestone as we contribute another significant project to Utah’s diverse energy landscape.”

Moreover, the project demonstrates a commitment to the local community through initiatives like the Local First – Appaloosa Solar 1 Scholarship, supported by Greenbacker, rPlus, Gardner Group, and Sundt. The project also boosts the local economy by engaging local vendors and creating approximately 250 construction-related green energy jobs.

Acquired by GCM in late 2022, Appaloosa is expected to abate around 395,000 metric tons of carbon emissions in its first year of operation. The availability of both the ITC and PTC following the passage of the IRA offers solar projects more flexibility in financing and incentivizes further renewable energy development.