Vermont Business Magazine Greenbacker Renewable Energy Company has announced it has purchased the rights to construct two additional ground mount solar systems located on leased property inProctorandHartford. Electricity produced by these sites will be sold under long term contracts with twoVermontmunicipal entities. TheProctorfacility was developed and is being constructed by Green Lantern Capital while the Hartford Landfill facility was developed and is being constructed by groSolar; two leading players in theVermontsolar marketplace.
With the addition of these systems, Greenbacker's Green Maple portfolio will own and operate seven solar systems inVermont. In total, these systems comprise 5,469 kW of generating capacity which is expected to produce enough electricity to power approximately 902 homes for one year of typical use.
In addition, onOctober 6, 2015, four indirect, wholly owned subsidiaries of the company each entered into loan agreements with the Vermont Economic Development Authority ("VEDA") to borrow a total of$3,152,200collateralized by solar assets, for a period of twelve years at a variable interest rate.
"Vermontcontinues to be one of the most forward looking states in renewable energy policies with solar power" statedCharles Wheeler, CEO of Greenbacker. "We are excited to own these assets, and finance the company's ownership in many of these solar facilities through VEDA, which offered an innovative, low-interest loan program to fit the unique needs of our business."
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a publicly registered, non-traded limited liability company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
NEW YORK,Oct. 15, 2015/PRNewswire/ -- Greenbacker Renewable Energy Company