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Greenbacker pays $34.5m for Montana wind farm

The 25MW project is the second Greenbacker has acquired in Montana, a state with an emerging wind power market.

Greenbacker Renewable Energy Company has acquired a 25MW operating wind farm in Montana for $34.5 million.

The Missouri-based renewables developer purchased the Greenfield Wind farm from Foundation Windpower, headquartered in San Francisco.

The project is located in Teton County in northwest Montana and sells power directly to the local public utility, NorthWestern Energy. It has a 25-year fixed-rate power-purchase agreement and has qualified for environmental credits. The project is expected to produce enough electricity to power around 5,525 homes.

Greenbacker chief executive Charles Wheeler said this was the company’s second wind asset purchased from Foundation Windpower, the other one being the 10MW Fairfield Wind project.

“As we continue to grow our portfolio of alternative energy assets,” Wheeler said, “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.”

Montana ranks 21st among US states for wind production with 665MW of installed capacity and 266MW under construction.

Greenbacker is a renewables investor with a portfolio consisting of power plants and energy efficiency projects. The majority of its assets are solar projects located along the US East Coast.