Greenbacker Renewable Energy Co., a New York-based investor in renewable-energy assets, purchased two Florida solar farms for about $4.15 million.
With the acquisition, Greenbacker now owns about 13 megawatts of solar capacity in the U.S. and Canada, David Sher, the company’s director, said Friday. The Florida power plants generate about 2 megawatts of electricity that’s sold to Gainesville Regional Utilities.
“Longterm, contracted deals, that’s our focus,” Sher said in a telephone interview.
Greenbacker, which may raise as much as $1.5 billion, is organized as a so-called yieldco, a structure that allows it to generate lower-cost capital to fund projects. The market for yieldcos, which didn’t exist three years ago, is on pace to reach $100 billion, more than quadrupling.
Greenbacker has so far invested only in photovoltaics because “there’s a scalability factor,” Sher said. “Solar deals can be much smaller and still be high quality. With wind, you need larger assets. As we raise capital, we’ll do more wind and other kinds of stuff.”