Greenbacker acquires 10.5MW Fossil Gulch Wind Park in Idaho, US
US-based Greenbacker Renewable Energy Company, through a wholly-owned subsidiary, has acquired 10.5MW Fossil Gulch Wind Park in Hagerman, Idaho.
Fossil Gulch wind farm has a 20-year escalating power purchase agreement (PPA), with about eight years remaining as of the acquisition date.
The power facility began operations in the third quarter of 2005 and has been functioning continuously since then.
The Fossil Gulch wind power plant divests the generated electricity directly to the local public utility, Idaho Power Company.
With completion of the acquisition, Greenbacker Renewable Energy currently owns more than 45MW of wind power assets.
Greenbacker Renewable Energy chief executive officer Charles Wheeler said: “Adding another wind asset in the northern US continues to add significant financial diversification to Greenbacker’s current portfolio of commercial-grade wind farms.
“As we strategically invest in select wind assets, we continue to work towards the broader strategy of acquiring premier commercial renewable energy assets with high-quality offtakers.”
Greenbacker purchased the Fossil Gulch Wind Park for approximately $6.17m.
Separately, on 30 June this year, the company completed the acquisition of an additional 1,252 operating residential photovoltaic solar systems for a purchase price of approximately $6m.
The systems offer an aggregate generating capacity of 8.917MW and are located in Arizona, California, Connecticut, Massachusetts, Maryland, Nevada, New Jersey and New York.