Greenbacker Renewable Energy Company acquires 12MW biomass project
May 1, 2019
By Greenbacker Renewable Energy Company LLC
May 1, 2019 – Greenbacker Renewable Energy Company LLC, a leading investor and product sponsor focusing on income-producing renewable energy projects and other sustainable investments, today announced the acquisition of the 12 MW (AC) Eagle Valley Clean Energy (EVCE) Biomass Project. Terms were not disclosed.
The Eagle Valley Clean Energy Biomass facility is a Gypsum, Colorado-based power plant which generates electricity from the combustion of waste wood. The plant sells 100 per cent of its generated energy under a long-term contract with Holy Cross Energy, a not-for-profit Rural Electric Cooperative providing electricity to over 55,000 members. Additionally, the transaction definitively concludes several legal disputes that had arisen between the plant and third parties and returns the plant into good standing with all contract counter parties, a critical feature of the transaction.
Charles Wheeler, CEO of Greenbacker, 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. 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.”
With the addition of this biomass facility, the company now owns approximately 366.3 MW of generating capacity (including “to be constructed” assets) comprising 61.5 MW of wind facilities, 292.8 MW of commercial and residential solar facilities and 12 MW of biomass facilities.
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