Greenbacker Renewable Energy Company Acquires 57.5 MW Wind Farm in San Francisco Bay Area
The company expands its California wind portfolio with purchase of Altamont Winds Project
New York, NY, June 24, 2021 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased the Altamont Winds Project from funds managed by Castlelake, L.P., a global alternative investment manager focused on opportunistic investments in real assets, including mid-to-late stage renewable energy development and repowering projects, as well as specialty finance and aviation. At 57.5 MW, it is the single largest asset in Greenbacker’s wind portfolio. The Altamont Winds Project—Greenbacker’s second wind asset in California—boosts the company’s total nationwide wind energy capacity to just over 300 MW.
Located in Alameda County, the project harnesses wind from the Altamont Pass, an area home to operating wind assets since the 1980s. The project is also near the Bay Area load pocket, giving it strategic value from the perspective of future energy usage and capacity needs.
The Altamont Winds Project, which is in final stages of commissioning, has a long-term power purchase agreement (PPA) with East Bay Community Energy, a community choice aggregator (CCA). CCA allow residents, businesses, and municipalities to procure power from an alternative supplier, while still using the transmission and distribution services of their local electric utility provider. This can help communities access cleaner, cheaper electricity than could otherwise be available.
“We’re thrilled to help expand Californians’ energy options and contribute to the growing CCA availability in the Sunshine State,” said Charles Wheeler, CEO of GREC. “Sizable wind facilities like Altamont Winds are increasingly necessary to meet our rising energy needs, and we’re happy to play a role in providing clean energy to the Bay Area.”
“Castlelake congratulates Greenbacker on its acquisition of the Altamont Winds Project,” said Evan Carruthers, managing partner and chief investment officer of Castlelake. “We are pleased to have played a part in bringing additional renewable energy capacity to the Bay Area through this development project.”
Greenbacker’s purchase of Altamont is the most recent addition to its growing fleet of wind energy facilities. It follows the acquisition of Rippey Wind, a 50 MW operational wind farm in Iowa.
With the acquisition of this project, Greenbacker will own approximately 1.18 GW of generating capacity (including assets that are to be constructed), comprising 855.4 MW of utility-scale and distributed solar facilities, 300.1 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.