Greenbacker Renewable Energy Co. purchased a portfolio of nine pre-operational solar projects from Norwich Solar who have long-term net metering agreements in place with over 30 agricultural buyers in Vermont – local farms and dairies across the state.
The portfolio represents Greenbacker’s first transaction with Norwich, a developer, designer and engineering, procurement and construction (EPC) provider of clean energy projects throughout New England. Norwich will continue to provide EPC services for the portfolio.
Agricultural impact
These projects will reduce local farmers’ electricity bills and breathe new life into Vermont’s brownfields. Each solar project is expected, on average, to save local farmers approximately $500,000 in energy costs over the life of the projects.
As well as helping farmers save money on electricity costs, Norwich expects the portfolio to generate around $7.5 million in local wages during construction, as well as provide local landowners additional long-term income via land lease payments.
Additionally, Greenbacker also actively assesses the potential of the portfolio to agrivoltaic (i.e. using the project sites for both solar photovoltaic power generation and agricultural activities).
brownfields
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 clean power generation capacity of approximately 840 kWdp, for a total portfolio capacity of up to 7.6 MWdp. 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.
Greenbacker’s clean energy project fleet comprises nearly 2.9 GW of generating capacity (including this portfolio and other assets to be built).
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