NEW YORK, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading green energy investment manager and independent power producer, has purchased, through a wholly owned subsidiary, a 54 MW to-be-constructed wind farm from PowerWorks, a national renewable energy project developer, owner, and operator. The wind farm, Panther Creek, is Greenbacker’s first wind energy asset in the state of Illinois.
With the transaction, Greenbacker continues to scale its wind energy portfolio in the Midwest, where it currently has over 190 MW of operating wind assets. The project, located in Pike County, will be Greenbacker’s largest clean energy asset in Illinois, a state in which the renewable energy company has also built a growing community solar presence.
“We’re thrilled that our partnership with PowerWorks has enabled Greenbacker’s wind fleet to expand into new territory in a big way,” said Charles Wheeler, CEO of GREC. “Not only is Panther Creek our first wind asset delivering cheaper clean energy in the Illinois market, once complete it will also be our largest wind project in the entire Midwestern region.”
Panther Creek is in the final stages of design and development, with necessary permits, land leases, and an interconnection agreement in place, and is slated to reach commercial operation in 2024. When completed, the wind farm is expected to produce enough clean energy to offset over 130,000 metric tons of carbon1 a year.
“We are very pleased to announce our partnership with Greenbacker and this exciting advancement for the Panther Creek Wind Project,” said Morgan McGovert, Senior Vice President of PowerWorks. “Panther Creek is a wonderful asset for the community, bringing clean and reliable energy, new jobs, and economic opportunities for many years to come.”
Greenbacker’s fleet of clean energy projects comprises nearly 2.9 GW of generating capacity (including the Panther Creek project and other assets that are to be constructed). Since June 2016, Greenbacker’s real assets have produced over 4.9 million megawatt-hours2 of clean energy, abating more than 3.5 million metric tons of carbon.3 Today these projects support over 5,200 green jobs.4
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.
Now operating in its 24th year, PowerWorks (and its affiliates) is a privately held company focused on the development, ownership, and operation of utility-scale wind and solar power projects across the United States. Our principals and engineering staff have extensive experience from project development through operations and maintenance. We employ a skilled team of engineering, finance, and operating staff with offices located in Idaho, California, and Florida. For more information, please visit our web site at www.powerworks.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
1 EPA Greenhouse Gas Equivalencies Calculator. Data is as of August 2022.
2 Data is as of June 30, 2022.
3 EPA Greenhouse Gas Equivalencies Calculator. Data is as of June 30, 2022.
4 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2022.
Source: Greenbacker Renewable Energy Company LLC