The company continues to expand its operating wind fleet and deepen relationships with industry in the Midwest
Ridgewind wind turbine
The view from the top of a wind turbine on Greenbacker’s 25.3 MW Ridgewind asset in Murray County, Minnesota.
NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) – Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, has announced today that, through a subsidiary, it purchased two operating wind assets in Murray County, Minnesota, from PRC Wind. With these projects — Ridgewind (25.3 MWdp) and WindShare (5.4 MWdp) —Greenbacker continues to expand its presence in the North Star State and diversify its wind portfolio in the Midwest.
Greenbacker now has three wind farms in Minnesota, including CWS (30.8 MWdp) in neighboring Nobles County, all of which are operational. Greenbacker also has three operating wind assets nearby in Iowa. These include Hawkeye, Elk and Rippey, which have clean power generation capacities of 37.5 MWdc, 42.5 MWdc and 50.0 MWdc, respectively.
As Greenbacker continues to grow its operational wind portfolio in the region, the company enjoys greater economies of scale, helping it generate cheaper clean energy for consumers. By deepening relationships with regional service providers, Greenbacker can continue to optimize O&M expenses, both for these new assets and for others in the region. The Ridgewind and WindShare projects also allow Greenbacker to build relationships with PRC Wind, a company that has developed approximately 3.0 GW of wind projects since its inception in 1997.
“We are excited to expand the renewable energy options available to the people of Minnesota,” said Charles Wheeler, CEO of GREC. “Our successful collaboration with PRC Wind, whose expertise in the wind industry has been a substantial asset to this project, has allowed us to continue to grow our wind operations and provide clean, cheaper energy to consumers in the Midwest.
“At PRC, our mission is to develop large-scale renewable energy projects,” said Paul White, Founder and CEO of PRC Wind. “We are delighted that the wind farms we have built now benefit from Greenbacker’s strong ownership and asset management program. “
Ridgewind is an 11-turbine system that entered commercial operation in January 2011. It has entered into a power purchase agreement with Xcel Energy – Minnesota. The company aims to reduce carbon emissions by 80% by 2030 (from 2005 levels) company-wide and aims to provide its customers with 100% carbon-free electricity. ‘by 2050. (Greenbacker also worked with Xcel Energy on renewable energy projects in the past). WindShare, a three-turbine system that currently operates on a fully merchant basis, entered commercial service in April 2006.
Including the acquisition of these projects, Greenbacker’s sustainable infrastructure project fleet comprises approximately 2.2 GW of generating capacity (including assets to be built). Since 2016, Greenbacker’s real assets have generated 3.0 million megawatt hours1 clean energy, reducing 2.1 million metric tonnes of carbon.2 Today, these projects support 2,700 green jobs.3
1 Data is as of June 30, 2021.
2 The reduction in carbon emissions is calculated using the EPA Greenhouse Gas Equivalency Calculator which uses the U.S. National Weighted Average CO2 Emission Rate (AVERT) to convert kilowatt-hour reductions into avoided units of carbon dioxide emissions. Data is as of June 30, 2021.
3 Green jobs are calculated from International Renewable Energy Agencymeasure that one megawatt of renewable energy supports 3.8 jobs. Data is as of June 30, 2021.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is an unlisted limited liability energy company that acquires and manages revenue-generating renewable energy and energy efficiency projects, as well as other energy-related businesses. The projects we invest in, including solar and wind installations, sell electricity under long-term contracts to highly creditworthy counterparties such as utilities, municipalities and businesses. For more information, please visit www.greenbackercapital.com.
About the wind from the People’s Republic of China
Founded in 1997, PRC Wind develops renewable energy projects in the Midwest. The company has delivered nearly 3 GW of large-scale projects, with an additional 1.5 GW in the pipeline. Based in Minnesota, the company has extensive experience in developing new facilities as well as providing advisory services to customers throughout the phases of renewable energy development. For more information, please visit www.prcwind.com.
This press release contains forward-looking statements within the meaning of 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 actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it can give no assurance that the expectations will be met or that any deviation will not be material. Greenbacker does not undertake to update any forward-looking statements contained in this document to conform to actual results or to changes in its expectations.
Senior Editor and Media Communications
Wind from the PRC:
Director of Operations
A photo accompanying this announcement is available on https://www.globenewswire.com/NewsRoom/AttachmentNg/82d870b3-8501-42a0-bb57-fc2ae481d3ce