August 12, 2021
NEIGHBORHOOD SUN ANNOUNCES DEAL TO MANAGE MULTIPLE COMMUNITY SOLAR PROJECTS IN COLORADO FOR GREENBACKER RENEWABLE ENERGY COMPANY
Projects will be Integrated into the Sun Engine™ Advanced Software Platform
(Silver Spring, MD) – Neighborhood Sun, a Maryland-based Benefit Corporation announced today that it has entered into an agreement with Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”) to manage more than 40 megawatts of community solar projects in Colorado, with additional projects in Maryland. The deal marks a dramatic expansion of projects on Neighborhood Sun’s new advanced software platform, Sun Engine™. Greenbacker chose Sun Engine™ as a provider to consolidate these projects into one technology platform.
“This portfolio acquisition validates the hard work we put into building the Sun Engine™ platform into an advanced and flexible software solution for the community solar industry,” said Gary Skulnik, Neighborhood Sun CEO. “It’s the first of many new projects we’re working on bringing onto this industry-leading platform.”
Greenbacker is a leading owner and operator of sustainable infrastructure and energy efficiency projects. The company’s fleet of renewable energy assets extends across 30 states and territories, with a total power generating capacity of approximately 1.18 gigawatts (including assets to be constructed).
“Greenbacker is excited to tap innovative solutions, like Neighborhood Sun’s new Sun Engine™ platform, that allow our solar fleet to expand access to reliable clean energy, while helping to lower power bills for the communities in which we operate,” said Matt Murphy, COO of GREC. “Neighborhood Sun’s widespread expertise in the residential segment of community solar—a newer area of the industry for Greenbacker, where our exposure complements our existing footprint in the commercial community solar space—is a sizable asset. As residential community solar continues to expand throughout the country, this partnership helps position Greenbacker to more fully participate in a significant growth trend.”
The Sun Engine™ advanced software platform connects customers and project owners in the community solar space. It was developed by Neighborhood Sun CTO, John Wilson, based on his decades of experience in the renewable energy and financial space, in consultation with others on the Neighborhood Sun team. They used the team’s experience in the market to identify limitations with existing platforms and opportunities for improvement.
“I’m proud of the work that our whole team at Neighborhood Sun, including our amazing customers, partners, project owners and investors, who have all helped to take community solar to a new level with an advanced platform that builds upon the earlier releases and adds new flexibility and transparency for solar asset owners,” said John Wilson, CTO.
Neighborhood Sun is actively working on adding new projects to the platform in multiple states. It’s part of the company’s transition to focus on “Energy as a Service (EaaS)” as it grows its technical capabilities and recurring revenue model. More information about the Sun Engine™ platform can be found at sunengine.io.
Neighborhood Sun is a Maryland B Corporation committed to bringing the promise of solar to everyone, not just the select few. The company is a national leader in expanding solar access to underserved communities to address energy equity. Through its SunEngine™ advanced software platform, it offers a flexible, secure, and fully transparent platform for solar developers or asset owners, plus a simplified enrollment experience for customers. For more information go to www.neighborhoodsun.solar
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.