Landmark Dividend LLC, a U.S.-based ground lease acquisition company, has completed the acquisition of 2,400 acres underlying a 50 MW wind farm in Tehachapi, California. The property, which is located in the Alta Wind Energy Center, also includes 82,000 square feet of manufacturing and office space.
"The acquisition of the Tehachapi site is a significant transaction for Landmark Dividend. It provides us with a great foundation in one of the largest wind centers in North America. In addition, the lease with NRG and the power purchase agreement with Southern California Edison made this very attractive," said Vice President Peter Kleinberg, who led the transaction for Landmark Dividend.
The acquisition underscores Landmark Dividend's continued expansion in the renewable energy industry. Landmark is aggressively seeking additional real estate acquisition opportunities for utility-scale renewable energy projects.
"The long-term renewal of the production and investment tax credits by Congress in December 2015 has set the stage for the continued expansion in alternative energy investment," said Alex Stone, Senior Vice President at Landmark Dividend. "Landmark will continue to leverage its expertise in ground leases and renewable energy infrastructure to provide creative real estate solutions to project developers."