Encore Renewable Energy and Greenbacker have formed a partnership that they say will expand the deployment of solar and energy storage projects on underutilized property with a new source of development capital from Greenbacker’s Development Opportunities Fund.
Greenbacker’s Development Opportunities Fund, part of the family of funds advised by Greenbacker Capital Management, LLC, was launched earlier this year to provide flexible capital to sustainable infrastructure developers across the US. The fund also recently announced an equity investment in Chaberton Energy Holdings, a solar developer focused on the Mid-Atlantic region.
The new corporate debt financing will provide capital to expedite and expand Encore Renewable Energy’s efforts to originate, develop and construct community- and small utility-scale solar arrays and energy storage facilities on sites such as brownfields, landfills, parking lots, gravel pits and farms. The partnership will also allow for a further expansion of Encore’s existing work developing pollinator friendly habitat and other beneficial dual land uses alongside its solar projects.
The financing will further the Encore Renewable Energy commitment to the clean energy economy in the Northeast and beyond, CEO Chad Farrell says.