NEW YORK, April 15, 2014 /PRNewswire-iReach/ -- Greenbacker Renewable Energy Corp. ("Greenbacker") announced today that they have signed a Memorandum of Understanding whereby Greenbacker will be offered the opportunity to finance up to 126MW of solar energy projects to be developed by Hanergy Holdings America, Inc. ("Hanergy"). "We are thrilled to have the opportunity to work with a Hanergy, a global leader in the renewable energy space, to finance this portfolio of high quality solar projects" said Robert Sher, Co-Founder and Director of Business Development of Greenbacker Group. "In working together with Greenbacker, we believe that we will be able to provide next generation solar technology to each and every corner of the United States", said Mr. Wu Yi, Chairman & CEO of Hanergy Holdings America, Inc.
A key advantage of this relationship for Hanergy is the opportunity to foster a lasting relationship with a long-term source of capital, which should allow the company to offer lower cost solar power to its current and prospective customers. Greenbacker will benefit from access to a meaningful pipeline of select solar projects which it may choose to finance. The parties believe that this strategic arrangement will promote a more efficient process for getting renewable energy projects from development to service and may lead to cost savings and increased deal flows for both organizations. Terms were not disclosed.
Hanergy America Solar Solutions ("Hanergy America") was established as a subsidiary of Hanergy Holding Group Limited to pursue the development and ownership of solar power plants in the Americas. Incorporated in California as Hanergy USA Solar Solution Ltd. and doing business as Hanergy America Solar Solutions, the Hanergy America office has been active in the US market since 2010 and is comprised of experienced energy and finance professionals based in the heart of the Silicon Valley. Hanergy America develops and operates solar power plants, with the goal of generating cost-effective and reliable clean energy for utility, wholesale, commercial and government customers.
Greenbacker Renewable Energy Corporation is an externally managed energy company that intends to acquire income-generating renewable energy and energy efficiency and sustainable development projects and other energy-related businesses as well as finance the construction and/or operation of these projects and businesses.
This press release does not constitute an offer to sell any securities. This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Greenbacker's future growth prospects. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Greenbacker undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Media Contact: David Sher, Greenbacker Renewable Energy Corporation, (646) 532-6707, firstname.lastname@example.org
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SOURCE Greenbacker Renewable Energy Corporation