Greenbacker Renewable Energy Company LLC Provides a $25.9 Million Turbine Supply Loan to a Wind Project in Montana
Greenbacker Renewable Energy Company LLC announced recently that through a wholly owned subsidiary it provided a Turbine Supply Loan in the amount of $25.9 million (the “Loan”) to Greenfield Wind Manager, LLC to support the construction of a 25 MW wind generation facility located in Teton County, Montana (the “Project”). The Project was developed by Foundation Windpower LLC (“FWP”) in partnership with a local developer, the counterparty from which Greenbacker purchased the Fairfield Wind Project in December 2015.
FWP is an experienced wind developer based in San Francisco, CA. The Loan is repayable in full on the earlier to occur of the project achieving its Commercial Operation Date, expected to occur in October 2016, or December 31, 2016. When construction is completed the facility will consist of 13 General Electric 2.3 megawatt wind turbines which are anticipated to generate enough electricity to power 5,533 homes.
“We are extremely pleased to be expanding our relationship with Foundation Windpower,” stated Charles Wheeler, CEO of Greenbacker. “As we continue to grow our portfolio of alternative energy assets, providing capital to construct a wind generation facility such as the Project is another example of how we diversify our revenue streams with a view to providing more predictable returns for our investors.”