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.
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 Castlelake L.P.
Castlelake, L.P. 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 of assets on behalf of its investors. The Castlelake team comprises more than 200 experienced professionals, including 89 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit www.castlelake.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.
Director, Corporate Communications
+1 (612) 851-3083