Greenbacker Renewable Energy Company LLC (“GREC”) announced today that, through a wholly-owned subsidiary, it purchased a 50 MW operating wind farm from RPMA Iowa Wind Development LLC (“RPMA”). The project, Rippey Wind Holding LLC, is located in Greene County, Iowa and has a 25-year Power Purchase Agreement (“PPA”) in place with the investment-grade utility Central Iowa Power Cooperative (“CIPCO”). The project reached commercial operations in 2012.
“We’re excited to expand our wind portfolio in Iowa with RPMA.” said Charles Wheeler, CEO of Greenbacker. “GREC has experienced phenomenal growth as we near the end of 2020 and Rippey is one of our largest wind projects, typifying this acceleration of acquisitions.”
“We’re very pleased with the sale of our Rippey Wind Farm to Greenbacker” said Felix Friedman, Managing Director of RPMA. “As renewable energy continues to become the predominant form of new electrical generation in the US, the sale of our wind operating assets will enable RPMA to further escalate it’s development efforts in new wind and solar energy projects in Iowa and neighboring states.”
With the acquisition of Rippey Wind Holding I, Greenbacker will own approximately 760.7 MW of generating capacity (including assets that are to be constructed), comprising 537.0 MW of utility-scale and distributed solar facilities, 192.6 MW of wind facilities, 19.1 MW of battery storage, and 12.0MW of biomass facilities.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.
About RPMA Iowa Wind Development
Since 2000, RPMA has developed over 1.4GW of utility grade wind energy projects in Iowa and Kansas. The company is headquartered in De Soto, Iowa and continues to develop high quality energy projects for its customers with a focus on long-term, community-friendly and environmentally sound operations. For more information about the company visit www.rpmaccess.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.