Greenbacker Renewable Energy Co. has agreed to acquire three solar facilities in eastern North Carolina, adding them to its diverse portfolio of renewable energy power plants.

The Kansas City-based renewable energy fund acquired the rights to three solar sites located in Camden, Jamesville, and Martin, from SunEnergy1. The combined power generated at these three sites is 21.8 megawatts.

The three facilities are currently being constructed and are expected to begin operating in early 2019. Greenbacker will sell all the power generated from the three sights through a 15-year fixed price purchase power agreement.

The company is in the process of attaining back leverage and tax equity financing to finance the deal.

The addition of the three facilities in North Carolina brings the total generating power of Greenbacker’s portfolio to 278.7 megawatts.

Greenbacker manages a $252.74 million portfolio comprised of 213 different assets that provides investors with the opportunity to invest in renewable energy power plants. The fund serves as an intermediary between investors and renewable energy capital.

Continued focus on NC solar assets

In addition to the acquisition of energy efficient plants, Greenbacker finances the construction and operation of sustainable development projects and businesses.

Its chief executive officers, Charles Wheeler and David Sher, come from an extensive background in renewable energies and financial services. They helped start the company in 2012.

SunEnergy1 is a U.S. solar developer that manages every stage in the management of a solar project, from the land acquisition to the plant construction. The company owns and operates solar projects throughout the eastern U.S.

“We continue to focus on solar assets in North Carolina, which provides significant long-term value to our investors,” said Wheeler in a statement. “Over the coming year, we expect to expand the company’s investment in pre-operational solar assets as we grow our solar portfolio.”

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism