Greenbacker Renewable Energy Co. LLCinvestment manager and independent power producer, purchased, through a wholly owned subsidiary, a portfolio of nine pre-operational solar projects from Norwich Solar.
When completed, the Vermont projects will reduce electricity bills for local farmers and breathe new life into brownfields closed to most uses.
The projects have long-term net metering agreements in place with more than 30 agricultural buyers – local farms and dairies across the state. Each solar project is expected, on average, to save local farmers approximately $500,000 in energy costs over the life of the projects.
The portfolio represents Greenbacker’s first transaction with Norwich, a developer and designer as well as an engineering, procurement and construction (EPC) provider of clean energy projects throughout New England. Norwich will continue to provide EPC services for the portfolio.
In addition to the clean energy and economic benefits these solar projects provide, three project sites will also transform former brownfields into cheaper renewable energy sources. The Andover project is located on a section of a reclaimed gravel pit that is no longer in operation, and the Thetford Post Mills and Putney Green Acres projects are located on an abandoned landfill and a former sludge disposal site, respectively. paper.
Each project will have a generating capacity of approximately 840 kW DC, for a total portfolio capacity of up to 7.6 MW DC.
Five of the projects are expected to enter commercial operation by the end of 2022, with the remaining four projects expected to enter service by the second quarter of 2023.