Greenbacker locks USD 68m in debt for 50.8 MW of wind assets

Wind farm in Idaho. Author: Blatant Views. License: Creative Commons, Attribution 2.0 Generic

December 9 (Renewables Now) - New York-based Greenbacker Renewable Energy Company LLC said on Friday it has closed a USD-68-million (EUR 61.5m) debt financing for a portfolio of three wind operational wind parks totalling 50.8 MW.

The funding was provided by Munich-based lender Bayerische Landesbank, better known as BayernLB, but pricing details about the deal were not provided. 

Greenbacker will use the debt for its 10-MW Georgia Mountain Community Wind park in Vermont, the 10-MW Fossil Gulch wind farm in Idaho and the 30.8-MW Community Wind South park in Minnesota. This largest asset of this portfolio became part of Greenbacker’s fleet after the company purchased BlackRock Real Assets’ majority stake in it in July. The power plant operates under a long-term offtake deal with a unit of Xcel Energy Inc (NASDAQ:XEL).

The two 10-MW wind farms have been producing electricity since 2017.

“This financing firmly aligns with our strategy of supporting leading renewable developers in our core North American and European markets,” said Christoph Fischer, global head of structured finance at BayernLB.

(USD 1.0 = EUR 0.904)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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