Greenbacker Renewable Energy announced that, through a wholly-owned subsidiary, it purchased the rights to a two-turbine 5-MW wind project, Holiday Hill, from Cornerstone Renewables. Located in Russell, Massachusetts, Holiday Hill is contracted to sell electricity through 25-year offtake agreements with three local utilities.
“The Holiday Hill project is an excellent addition to Greenbacker’s wind portfolio, providing long-term, investment-grade cash flows and furthering the expansion of our operating wind portfolio,” said Charles Wheeler, CEO of Greenbacker. “It has been a pleasure working with Cornerstone Renewables to bring this project to fruition.”
Alan Robinson, general manager at Russell Municipal Light Department, added, “It’s an honor and a privilege to be a part of a project and community that genuinely cares about developing renewable energy for the future while safeguarding cost efficiency today.”
With the addition of Holiday Hill, Greenbacker will own approximately 555.1 MW of generating capacity (including assets that are to be constructed), comprising 177.2 MW of wind facilities, 365.9 MW of utility-scale and distributed solar facilities and 12.0 MW of biomass facilities.
“The carbon emissions crisis demands immediate action. Wind energy absolutely must be part of the solution,” said David Blittersdorf, renewable energy entrepreneur and owner of Cornerstone Renewables. “Community-supported projects like Holiday Hill Community Wind provide a model for what other successful projects can look like in the coming years.”
News item from Greenbacker Renewable Energy Company