Landmark Dividend LLC, an infrastructure-focused real estate investor, has completed the acquisition of 2,400 acres underlying a 50 MW wind farm in Tehachapi, Calif.
The property, located in the Alta Wind Energy Center, also includes 82,000 square feet of manufacturing and office space.
According to Landmark, the acquisition underscores the company’s continued expansion in the renewables industry. Landmark says it is aggressively seeking additional real estate acquisition opportunities for utility-scale renewable energy projects.
“The acquisition of the Tehachapi site is a significant transaction for Landmark Dividend,” says Peter Kleinberg, Landmark Dividend’s vice president, who led the transaction. “It provides us with a great foundation in one of the largest wind centers in North America. In addition, the lease with NRG and the power purchase agreement with Southern California Edison made this very attractive.
Alex Stone, senior vice president of Landmark Dividend, adds, “The long-term renewal of the production and investment tax credits by Congress in December 2015 has set the stage for the continued expansion in alternative energy investment. Landmark will continue to leverage its expertise in ground leases and renewable energy infrastructure to provide creative real estate solutions to project developers.”