Through a wholly owned subsidiary, Greenbacker Renewable Energy Co. LLC has acquired a 25 MW operating wind generation facility in Montana.
The Greenfield Wind Farm was sold by Greenfield Wind LLC, which is majority owned and managed by Foundation Windpower LLC, a wind developer based in San Francisco.
The total consideration for the project is approximately $34.5 million. In conjunction with the acquisition, the $26 million turbine-supply loan provided to Greenfield Wind LLC in June has been repaid in full.
The 25 MW project comprises 13 GE 2.3-107 MW wind turbines. Located in Teton County, the wind farm sells power directly to local public utility NorthWestern Energy through a 25-year, fixed-rate power purchase agreement.
“We are extremely pleased to be purchasing our second wind asset from Foundation Windpower,” says 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.”