Greenbacker Renewable Energy Co. LLC has acquired a 10 MW wind generation facility in Montana from Fairfield Wind LLC, which is majority owned and managed by Foundation Windpower LLC, a San Francisco-based wind developer.
The total consideration for the Fairfield Wind Farm will be approximately $6.615 million in cash and the assumption of approximately $12.412 million in debt for a total of $19.027 million.
Fairfield Wind Farm, located in Teton County, sells power directly to local public utility NorthWestern Energy. The project has a 20-year, fixed-rate power purchase agreement, with pricing based on an off-peak/on-peak rate schedule with no escalation for the contract period. The project also includes a contract to sell renewable energy certificates to the utility.
In total, the project is expected to produce enough electricity to power approximately 2,214 homes for one year.
Greenbacker is a publicly registered, non-traded limited liability company acquiring a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. According to Charles Wheeler, CEO of Greenbacker, this project is the company's first wind asset acquired from Foundation Windpower.