Greenbacker Renewable Energy Company LLC Acquires a 25 Megawatt Operating Wind Generation Facility in Montana
Greenbacker Renewable Energy Company LLC announced recently that through a wholly-owned subsidiary it acquired a 25MW operating wind generation facility located in Montana, the Greenfield Wind Farm (the “Project”). 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 $34,500,000. In conjunction with this acquisition, the $26 million Turbine Supply loan provided to Greenfield Wind LLC in June 2016 was repaid in full.
The Project totals 25,000 kW comprising 13 GE 2.3-107 MW wind turbines. The Project is located in Teton County, MT and sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company. The Project 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. “We are extremely pleased to be purchasing our second wind asset from Foundation Windpower,” stated Charles Wheeler, CEO of Greenbacker. “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.”