NEW YORK, Feb. 08, 2022 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that through a wholly owned subsidiary , it has acquired a 20 MWdc pre-commissioning solar portfolio from TUUSSO Energy (“TUUSSO”), a Seattle-based utility-scale solar developer. The portfolio’s three 6.7 MWdc projects are Greenbacker’s first investments in Washington, a state with ambitious clean energy goals and strong support for renewable energy.
Located in Kittitas County, the projects — Camas, Penstemon and Urtica — are all expected to begin commercial operations in 2022. Each has long term power purchase agreements with the same investment grade utility. Upon completion, the renewable energy produced by the portfolio will contribute to the state’s goal of achieving carbon neutral power generation by 2030 and 100% clean power by 2045.1
“We are excited to enter a new market with three projects that will bring cheaper clean power to consumers,” said Charles Wheeler, CEO of GREC. “This expansion is the result of a successful long-term collaboration with the solar development experts at TUUSSO. We have been involved with the portfolio since the planning stages and are excited to add it today to our fleet of renewable energy projects that are driving a clean energy future in Washington State.”
To meet its clean energy goals, Washington has a number of supportive solar policies, including several tax exemptions for qualifying solar-powered devices and a net metering incentive that allows solar owners to feed unused energy back into the grid and offset their utility bills by an equal amount.2
“Greenbacker has been a great partner on these projects and we are very pleased to have reached this milestone,” said Owen Hurd, CEO of TUUSSO. “These projects would not have been possible without Greenbacker’s unwavering commitment and the combined efforts of local landowners, the Washington Energy Facility Site Evaluation Council, Puget Sound Energy, the Governor’s Office and others. We look forward to commencing commercial operations in 2022 and hope these projects will encourage more solar energy in our home state in the years to come.”
Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generation capacity (including the TUUSSO portfolio and assets to be built). Since 2016, Greenbacker’s real assets have produced approximately 3.4 million megawatt hours3 of clean energy, reduction of 2.4 million tons of carbon.4 Today, these projects support 3,200 green jobs.5
1 Washington State Governor’s website, https://www.governor.wa.gov/issues/issues/energy-environment.
2 “Washington State Solar Incentives,” https://powernw.com/washington-state-solar-incentives/, April 13, 2021.
3 Data current as of September 30, 2021.
4 Carbon avoidance is calculated using the EPA’s Greenhouse Gas Equivalencies Calculator, which uses the national weighted average carbon marginal emissions rate from the US AVoided Emissions and geneRation Tool (AVERT) to convert kilowatt-hour reductions into avoided units of carbon dioxide emissions. Data current as of September 30, 2021.
5 Green jobs are calculated from the International Renewable Energy Agency’s measurement that one megawatt of renewable electricity supports 3.8 jobs. Data current as of September 30, 2021.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a public, unlisted, limited liability sustainable infrastructure company that acquires and manages revenue-generating renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean power under long-term contracts to creditworthy counterparties such as utilities, municipalities and corporations. We are long-time owners and operators who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power generation and income generation creates value that we can then pass on to our shareholders – while facilitating the transition to a clean energy future. For more information, visit www.greenbackercapital.com.
About TUUSSO Energy
TUUSSO Energy, LLC is a private developer of utility-scale solar projects. Founded in 2008, the company has developed projects in California, Arizona, Georgia, Maryland and Washington. Visit www.tuusso.com for more information.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated at the time the forward-looking statements were made. Although Greenbacker believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the expectations will be achieved or that deviations will not be material. Greenbacker undertakes no obligation to update any forward-looking statements contained herein to conform to actual results or any change in its expectations.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d19d850f-cc8b-4a0c-aee8-383611634a99