Greenbacker Renewable Vitality Firm Acquires 57.5 MW Wind Farm in San Francisco Bay Space | Information
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 the company, through a wholly owned subsidiary, Altamont Winds Project made up of funds managed by Castlelake, LP, a global alternative investment manager focused on opportunistic real estate investments, 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 largest single value in Greenbacker’s wind portfolio. The Altamont Winds Project – Greenbacker’s second wind turbine in California – increases the company’s nationwide wind power capacity to just over 300 MW.
Located in Alameda County, the project uses wind from Altamont Pass, an area that has been operating wind turbines since the 1980s. The project is also located near the Bay Area cargo hold, which gives it strategic value from the perspective of future energy consumption and capacity needs.
The Altamont Winds Project, which is in the final stages of commissioning, has a long term power purchase agreement (PPA) with East Bay Community Energy, a Community Choice Aggregator (CCA). CCA enables residents, businesses and communities to purchase electricity from an alternative provider while using the transmission and distribution services of their local electricity supplier. This can help communities access cleaner and cheaper electricity than would otherwise be available.
“We are excited to expand Californians’ energy options and contribute to the growing availability of CCA in the Sunshine State,” said Charles Wheeler, CEO of GREC. “Bigger wind turbines like Altamont Winds are needed to meet our growing energy needs, and we are excited to play a role in providing the Bay Area with clean energy.”
“Castlelake congratulates Greenbacker on acquiring the Altamont Winds Project,” said Evan Carruthers, Castlelake’s managing partner and chief investment officer. “We are pleased that with this development project we have contributed to bringing additional capacities for renewable energies to the Bay Area.”
Greenbacker’s purchase of Altamont is the latest addition to its growing fleet of wind turbines. This is followed by the acquisition of Rippey Wind, a 50 MW wind farm in Iowa.
With the acquisition of this project, Greenbacker will have around 1.18 GW of generation capacity (including the systems to be built), of which 855.4 MW of large-scale and decentralized solar systems, 300.1 MW of wind systems, 16.0 MW of battery storage, and 12 , 0 MW biomass plants.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, privately held, limited 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 systems, sell electricity under long-term contracts to creditworthy counterparties such as utilities, municipalities and corporations. More information is available at www.greenbackercapital.com.
About Castlelake LP
Castlelake, LP is a global alternative investment manager focused on opportunistic investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $ 20 billion in assets on behalf of its investors. The Castlelake team consists of more than 200 seasoned professionals, including 89 investment professionals, in six offices in North America, Europe and Asia. Please visit www.castlelake.com for more information.
Forward-Looking Statements
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 could cause actual results to differ materially from those anticipated at the time the forward-looking statements were made. Although Greenbacker believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, Greenbacker cannot guarantee that expectations will be met or that differences will not be material. Greenbacker assumes no obligation to update any forward-looking statements contained herein to reflect actual results or changes in its expectations.
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The Altamont Winds Project
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