The $25.9 million loan is repayable in full on the project’s achieving commercial operations, which is expected later this year.
Greenbacker Renewable Energy Company LLC announced that it provided a turbine supply loan through a wholly owned subsidiary in the amount of $25.9 million to Greenfield Wind Manager, LLC. The loan is to help support construction of a 25-MW wind-generation facility located in Teton County, Montana.
This project was developed by Foundation Windpower (FWP), in partnership with a local developer (the counterparty) from which Greenbacker purchased the Fairfield Wind Project in December 2015.
FWP is an experienced wind developer based in San Francisco. 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 December 31, 2016. Once construction is completed the facility will consist of 13 General Electric 2.3-MW wind turbines, which are anticipated to generate enough electricity to power 5,533 homes.
“We are extremely pleased to be expanding our relationship with Foundation Windpower,” stated 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 this project is another example of how we diversify our revenue streams with a view to providing more predictable returns for our investors.”
Filed Under: Financing, News, Projects
