Greenbacker Renewable Energy Company LLC (Greenbacker), a publicly registered, non-traded Limited Liability Company aiming to acquire diversified portfolio of renewable energy projects, announced to acquire a 10MW operating wind generation facility located in Montana through a wholly-owned subsidiary.
The Fairfield Wind Farm is being sold by Fairfield Wind, LLC, which is majority owned and managed by Foundation Windpower, LLC ; an experienced wind developer based in San Francisco, CA. The total consideration for the project will be approximately $6,615,000 in cash and the assumption of approximately $12,412,000 in debt for a total of $19,027,000.
The wind project totals 10,000 kW using four 1.7 MW and two 1.6 MW wind turbines. It is located in Teton County, MT and sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company. The Fairfield Wind Farm has a 20-year fixed-rate PPA, with pricing based on an off peak / on peak rate schedule with no escalation for the contract period. The Project also has a contract to sell Renewable Energy Credits (REC's) to NorthWestern Energy with an annual escalating of 2.5% up to a maximum of $9.99/REC.
In total, the project is expected to produce enough electricity to power approximately 2,214 homes for one year of typical use.
"We are extremely pleased to be purchasing our first wind asset from Foundation Windpower." stated Charles Wheeler, CEO of Greenbacker. "As we continue to grow our portfolio of alternative energy assets, wind assets such as the Project provides a diversified revenue stream to our seasonal solar generation income, providing more predictable returns for our investors."