Greenbacker Renewable Energy Co. LLC announced June 24 that through a wholly owned subsidiary it has provided a turbine supply loan of $25.9 million to Greenfield Wind Manager LLC to support the construction of a 25-MW wind farm in Teton County, Montana.
The wind project was developed by Foundation Windpower LLC in partnership with a local developer, the counterparty from which Greenbacker purchased the Fairfield Wind Project in December 2015. Foundation Windpower is an experienced wind developer based in San Francisco, Calif. The loan is repayable in full on the earlier to occur of the project achieving its Commercial Operation Date, expected to occur in October 2016, or Dec. 31, 2016. The facility will consist of 13 General Electric 2.3-MW wind turbines.
“We are extremely pleased to be expanding our relationship with Foundation Windpower,” sid Charles Wheeler, CEO of Greenbacker. “As we continue to grow our portfolio of alternative energy assets, providing capital to construct a wind generation facility such as the Project is another example of how we diversify our revenue streams with a view to providing more predictable returns for our investors.”
Greenbacker Renewable Energy is a publicly-registered, non-traded company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.