Greenbacker Acquires 55 MW Operating Wind Project in New York

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Greenbacker Renewable Energy Company (Greenbacker), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it has purchased Howard, a 55.4 MW operating wind project from the BlackRock Global Renewable Power Fund II (BlackRock). The Howard project marks Greenbacker’s first wind asset in New York, building out the company’s presence in a renewables-supportive state and increasing access to cheaper clean energy.

The wind farm is commercially operational since the fourth quarter 2011. It generates enough electricity to supply approximately 12,500 homes in New York each year.

Charles Wheeler, chief executive of Greenbacker Renewable Energy, said that it was a joy to provide clean energy near home.

“We are very happy that our ongoing collaboration with BlackRock allowed us to enter the new wind market in Howard. This is not only our first asset in New York but also our second largest project in all of our wind fleet,” he added.

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Howard comes with an existing renewable energy credit contract with an investment-grade offtaker. Projects with high-credit-quality offtakers contribute to Greenbacker’s strategy of owning and operating renewable energy assets with reliable long-term revenue. The project also contributes to New York’s clean energy targets. Current state legislation mandates that 70% of power generation come from renewable energy by 2030 and calls for a zero-emissions electricity sector by 2040

Greenbacker’s fleet of sustainable infrastructure projects comprises over 2.6 GW of generating capacity (including Howard and assets that are to be constructed).

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