Through a wholly owned subsidiary, Greenbacker Renewable Energy Co. LLC has purchased Georgia Mountain Community Wind LLC (GMCW), located in Chittenden and Franklin counties in Vermont.
Greenbacker purchased the project for approximately $25.1 million. The four-turbine, 10 MW project – which was originally developed by two local Vermont business owners – sells all of its power, as well as renewable energy credits, to the nearby Burlington Electric Department through a 25-year, fixed-price power purchase agreement.
GMCW originally commenced operations on Dec. 31, 2012, and has been operating continuously since then. Greenbacker says the facility was the first commercial-scale wind project in Chittenden and Franklin counties.
“Adding a high-quality wind asset in the northeastern United States adds significant financial diversification to Greenbacker’s current portfolio of four commercial-grade wind farms,” comments Charles Wheeler, CEO of Greenbacker. “This wind facility is complementary to the nine solar facilities that the company currently owns and operates in Vermont. We continue to selectively add wind assets, which we believe provide a good seasonal counterbalance to our solar portfolio.”
Greenbacker now owns approximately 178.9 MW of generating capacity, comprising 55.5 MW of wind facilities and 123.4 MW of commercial and residential solar facilities.