Greenbacker subsidiary buys new wind facility from Greenfield Wind in US

Greenbacker Renewable Energy Company (Greenbacker) has acquired a wind generation facility in Teton County, Montana, US, from Greenfield Wind, majority of which owned by Foundation Windpower.

The total consideration for the 25MW farm, Greenfield Wind Farm, is around $3.45m, and the acquisition was carried out by one of Greenbacker’s subsidiary.

Equipped with 13 GE 2.3-107MW wind turbines, the farm currently sells power directly to the local public utility, NorthWestern Energy.  

Greenfield Wind Farm currently under a 25-year fixed-rate power purchase agreement (PPA), which comprises the complete sale of environmental credits, with no escalation for the contract period.

Additionally, the deal has enabled Greenfield Wind to repay its $26m turbine supply loan.

Greenbacker Renewable Energy Company CEO Charles Wheeler said: “We are extremely pleased to be purchasing our second wind asset from Foundation Windpower.

“As we continue to grow our portfolio of alternative energy assets, wind assets such as this Project provide a diversified revenue stream to our more summer weighted solar generation income, helping to smooth our cash flows and providing more predictable returns for our investors.”

The Greenfield Wind Farm is expected to produce electricity for nearly 5,525 homes for one year of typical use.

In August, Greenbacker, through an undisclosed subsidiary, bought a majority interest in 12.1MW portfolio of 1,611 solar systems from a subsidiary of OneRoof Energy.

The deal, valued at around $1.97m, includes systems that are located on residential rooftops across seven US states, including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut.