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Greenbacker Buys Idaho Wind Farm and Additional Solar Systems in Eight States

Greenbacker Renewable Energy Company, a publicly registered, non-traded limited liability company, purchased Fossil Gulch Wind Park for approximately $6.2 million.

Fossil Gulch is a 10.5 megawatt Wind Farm located in Hagerman, Idaho that sells power directly to the local public utility, Idaho Power Company. The Fossil Gulch project has a 20-year escalating power purchase agreement, with approximately eight years remaining on the agreement.

The facility has been operated continuously since it commenced operations in late 2005. Pricing on the power purchase agreement 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 the end of 2018. With this acquisition, the company now owns more than 45 megawatt 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,” stated 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 offtakers.”

Greenbacker also closed on the purchase of an additional 1,252 operating residential photovoltaic solar systems for approximately $6 million. The systems provide a total generating capacity of 8.917 megawatts and are located in Arizona, California, Connecticut, Massachusetts, Maryland, Nevada, New Jersey and New York.

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.

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