Greenbacker Renewable Energy has acquired a 10-megawatt operating wind generation facility located in Montana from Fairfield Wind.
Greenbaker will pay US$6.6 million in cash, and also assume $12.4 million in debt. The wind farm in Teton County sells power directly to the local public utility, NorthWestern Energy, an investment grade utility company.
It has a 20-year fixed-rate power-purchase agreement, 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 to NorthWestern Energy with an annual escalating of 2.5% up to a maximum of US$9.99/REC.