A wholly-owned subsidiary of Greenbacker Renewable Energy has purchased the 25-MW Greenfield Wind Farm in Montana, Greenbacker said Nov. 8.
The project is being sold by Greenfield Wind, LLC, which is majority owned and managed by Foundation Windpower, LLC; a wind developer based in San Francisco.
The total consideration for the project is roughly $34.5m. In conjunction with this acquisition, the $26m Turbine Supply loan provided to Greenfield Wind LLC in June 2016 was repaid in full.
The project includes 13 General Electric (NYSE:GE) wind turbines. The facility is located in Teton County, Montana and sells power directly to NorthWestern Energy under a 25-year power purchase agreement (PPA). The PPA includes the sale of 100% of the environmental credits, with no escalation for the contract period, Greenbacker said in a news release.
“As we continue to grow our portfolio of alternative energy assets, wind assets such as this Project 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,” said Greenbacker CEO Charles Wheeler.
The project is also listed as Fairfield Wind, perhaps because it is located in Fairfield, Montana. Greenbacker has also acquired an adjoining 10-MW wind facility that also has a contract to sell power to NorthWestern.
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded Limited Liability Company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.