Greenbacker Renewable Energy Company is to acquire controlling interests in two wind farms in the US state of Iowa totalling 80MW from an unnamed global asset manager.
The projects are the 42.5MW Elk and 37.5MW Bethel facilities, which have long-term power purchase agreements in place with the Central Iowa Power Cooperative.
Elk and Hawkeye have 13 and 18 years, respectively, remaining on their contracts, and will generate stable cash flows during that time, Greenbacker said.
No details were released on the price of the deal.
The additions, which are subject to regulatory approval, will raise the company’s owned generating capacity to 519MW, including assets that are to be constructed.
The total includes 172MW of wind, 335MW of solar and 12MW of biomass.
Greenbacker Capital co-chief executive Charles Wheeler said: “Greenbacker is thrilled to further build our presence in the wind energy sector.
“Greenbacker is committed to playing a key role in the ongoing growth of the renewable energy sector, and to enabling investors to participate in this trend.
“We look forward to partnering with the state of Iowa to help meet its ambitious clean energy goals in the years ahead.”
Law firm Stoel Rives was the legal advisor to Greenbacker on the transaction.