Through a wholly owned subsidiary, Greenbacker Renewable Energy Company LLC has purchased Fossil Gulch Wind Park, a 10.5 MW wind farm in Hagerman, Idaho.
Greenbacker bought the project for approximately $6.175 million. The wind farm sells its power directly to the local public utility, Idaho Power Co., through a 20-year, escalating power purchase agreement (PPA) with roughly eight years remaining. Pricing on the PPA is based on a $0.061/kWh rate with annual escalations over the contract period and includes a contract to sell renewable energy tax credits to a third party through Dec. 31, 2018.
Greenbacker says the facility first commenced operations in the third quarter of 2005 and has been operating continuously since then. With this acquisition, the company now owns in excess of 45 MW of wind power assets.
“Adding another wind asset in the northern United States continues to add significant financial diversification to Greenbacker’s current portfolio of commercial-grade wind farms,” states Charles Wheeler, CEO of Greenbacker. “As we strategically invest in select wind assets, we continue to work towards the broader strategy of acquiring premier commercial renewable energy assets with high-quality off-takers.”
In addition, Greenbacker has closed on the purchase of 1,252 operating residential photovoltaic solar systems in the U.S. for a purchase price of approximately $6 million.
