Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, acquired the Greenfield Wind Farm, a 25 megawatt operating wind generation facility located in Teton County, Montana. Greenbacker purchased the facility for approximately $34.7 million from Greenfield Wind LLC, which is majority owned and managed by Foundation Windpower, LLC, a San Francisco-based wind developer.
“We are extremely pleased to be purchasing our second wind asset from Foundation Windpower,” said Charles Wheeler, chief executive officer of Greenbacker. “As we continue to grow our portfolio of alternative energy assets, wind assets such as the [Greenfield Wind Farm] 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.”
Greenfield Wind Farm totals 25,000 kilowatt comprising 13 GE 2.3-107 megawatt wind turbines and sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company. The facility has a 25-year fixed-rate power purchase agreement, which includes the sale of 100 percent of the environmental credits, with no escalation for the contract period.
In conjunction with the acquisition, a $26 million turbine supply loan provided by Greenbacker to Greenfield Wind LLC in June 2016 was repaid in full.
In total, Greenfield Wind Farm is expected to produce enough electricity to power approximately 5,525 homes for one year of typical use.
Greenbacker Renewable Energy Company LLC invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. Based in New York City, the company operates solar and wind facilities throughout the United States and Canada, and oversees a $100+ million portfolio of alternative energy assets.