Greenbacker Renewable Energy Company LLC has announced that through a wholly-owned subsidiary it has acquired a 25 MW operating wind generation facility located in Montana, the Greenfield Wind Farm.
The project is being sold by Greenfield Wind, LLC, which is majority owned and managed by Foundation Windpower, LLC; an experienced wind developer based in San Francisco, CA.
The total consideration for the Project is approximately US$34.5 million. In conjunction with this acquisition, the US$26 million Turbine Supply loan provided to Greenfield Wind LLC in June 2016 was repaid in full.
The project totals 25 MW comprising 13 GE 2.3-107 MW wind turbines. It is located in Teton County, MT and sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company.
The facility has a 25-year fixed-rate PPA, which includes the sale of 100% of the environmental credits, with no escalation for the contract period. In total, the Project is expected to produce enough electricity to power approximately 5,525 homes for one year of typical use.
Charles Wheeler, CEO of Greenbacker, stated:
“We are extremely pleased to be purchasing our second wind asset from Foundation Windpower. As we continue to grow our portfolio of alternative energy assets, wind assets such as this Project provide a diversified revenue stream to our more summer weighted solar generation income, helping to smooth our cash flows and providing more predictable returns for our investors.”