Greenbacker Renewable Energy Company says it has purchased Georgia Mountain Community Wind LLC (GMCW) for approximately $25,100,000, through a wholly-owned subsidiary. GMCW is located in Chittenden and Franklin Counties, Vermont. It was the first commercial-scale wind project in these counties.
The four-turbine, 10-MW project, which was originally developed by two local Vermont business owners, sells all of its power (and the Renewable Energy Credits) to the nearby Burlington Electric Department, through a 25-year fixed-price power purchase agreement.
“Adding a high-quality wind asset in the northeastern United States adds significant financial diversification to Greenbacker’s current portfolio of four commercial-grade wind farms. This wind facility is complementary to the nine solar facilities that the Company currently owns and operates in Vermont,” stated Charles Wheeler, CEO of Greenbacker.
GMCW originally commenced operations on December 31, 2012, and has been operated continuously since that date. “We continue to selectively add wind assets, which we believe provide a good seasonal counterbalance to our solar portfolio,” added Wheeer.
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