Greenbacker Acquires to be Constructed 26 MW Solar Project in California

Once operational, Midway III will sell all the power generated to a large California utility through a 20-year fixed-price power purchase agreement.

Greenbacker Renewable Energy Company LLC says it has purchased Midway III,  to be constructed 26 megawatt solar project in California from Solar Frontier Americas Holdings LLC through a wholly-owned subsidiary.

Midway III is estimated to start construction in January 2018 and achieve Commercial Operations Date in October 2018. As part of this pre-construction transaction, the project has a construction management contract and a module supply agreement in-place with Solar Frontier.

The Company is currently in negotiations with a financial institution to provide a construction loan and term loan facility as well as a tax equity financing arrangement with a large U.S. based financial institution.

After considering the tax equity investment and expected term loan, the net investment by the Company is expected to be approximately $9.0 million.

Once operational, Midway III will sell all the power generated to a large California utility through a 20-year fixed-price power purchase agreement.

Charles Wheeler, CEO of Greenbacker, said, “Working with Solar Frontier to construct a large scale solar project in California, as well as two large financial institutions to finance the transaction, is a great investment opportunity for Greenbacker.”

“Upon completion in the third quarter of 2018, we see Midway III as another quality asset producing stable and predictable cash flows to the benefit of our investors,” Wheeler added.

Source: Business Wire