Greenbacker Renewable Energy Company LLC says that through a wholly-owned subsidiary it acquired a 10 MW operating wind generation facility located in Montana, the Fairfield Wind Farm. The Project is being sold by Fairfield 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 will be approximately $6,615,000 in cash and the assumption of approximately $12,412,000 in debt for a total of $19,027,000.
The Project totals 10,000 kW using four 1.7 MW and two 1.6 MW wind turbines. The Project is located in Teton County, MT and sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company. The Project has a 20-year fixed-rate PPA, with pricing based on an off-peak and on-peak rate schedule with no escalation for the contract period. The Project also has a contract to sell Renewable Energy Credits (REC’s) to NorthWestern Energy annual escalating by 2.5% up to a maximum of $9.99/REC.
“We are extremely pleased to be purchasing our first wind asset from Foundation Windpower.” stated Charles Wheeler, CEO of Greenbacker. “As we continue to grow our portfolio of alternative energy assets, wind assets such as the Project provides a diversified revenue stream to our seasonal solar generation income, providing more predictable returns for our investors.”
Filed Under: Financing, News, Projects