CohnReznick Capital is pleased to announce that Greenbacker Renewable Energy Company LLC (“Greenbacker”) and Foresight Group (“Foresight”) have reached an agreement on the acquisition of six operating solar facilities of 10MW in California and Colorado. The agreement was signed on December 6, 2017, with the transaction closing and funding occurring on January 31, 2018. The deal structure included various tax equity and debt structures, as well as investment grade utility and government agency offtakers. CohnReznick Capital served as exclusive advisor to Foresight, a leading independent infrastructure and private equity investment manager based in the UK with over £2.8 billion (US $3.95 bn) of assets under management.
“We were pleased by the transaction process and ability to contribute to the expansion of renewable energy in both states. At Foresight, we have a strong pipeline of renewable and new energy infrastructure opportunities in the US which we are pursuing on behalf of our institutional and retail investors, including wind, solar, bioenergy and battery storage projects,” stated Dan Wells, Partner, Foresight Group. “Our partnership with CohnReznick Capital has delivered an optimal outcome for this attractive solar portfolio”
“With the Foresight Portfolio, we have added six commercial solar assets with investment-grade utility and governmental agency offtakers, further diversifying the Company’s portfolio,” said Charles Wheeler, CEO of Greenbacker. “Market conditions in the renewable energy market continue to be robust and we are pleased to be able to execute on great transactions while simultaneously expanding our pipeline of potential alternative energy deals which meet the Company’s investment criteria.”
The acquisition brings Greenbacker to a total ownership of approximately 184.9 MW of generating capacity comprising 61.5 MW of wind facilities and 123.4 MW of commercial and residential solar facilities.
