Greenbacker Renewable Energy completed the construction of its 20MWac Midway III solar PV project located in Imperial County, CA. KeyBank provided a term loan back-leverage facility, and PNC provided tax equity financing to support the project. Both transactions closed on September 28, 2018.
Greenbacker purchased Midway III from Solar Frontier Americas in December 2017 and began construction in January 2018. The project represents the largest solar project constructed by Greenbacker to date, and has been completed on budget and ahead of schedule. Midway III sells all generated power to San Diego Gas & Electric Company through a 20-year fixed-price power purchase agreement.
“When we announced the purchase of this pre-construction project from Solar Frontier last year, we estimated that it would take until October 2018 to complete,” said Charles Wheeler, CEO of Greenbacker. “We are pleased to announce that due to the dedication of our technical asset management staff and the great work of our construction partners, Solar Frontier and McCarthy Building Companies, we were able to complete the commissioning of the project a month ahead of schedule, with the plant reaching commercial operation under its PPA on September 6, 2018. The company continues to demonstrate an ability to successfully execute a wide variety of transactions, including the purchase of construction-ready projects, as well as operating assets.”
Greenbacker is a public, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
