Greenbacker Renewable Energy Company LLC (GREC) has acquired the 57.5 MW Altamont Winds Project, from a fully owned subsidiary of the global alternative investment manager Castlelake, LP. The project, which is located in Alameda County, California is nearing completion.
The Altamont Winds Project has a long-term power purchase agreement in place with East Bay Community Energy, a community choice aggregator (CCA). CCA enables households, companies, and governments to get electricity from a different source while continuing to use their local electric utility provider’s transmission and distribution services. This will not only help communities access cleaner electricity, but it will also be cheaper and more accessible.
Alongside Greenbacker’s second wind asset, Altamont Winds Project in California will bring the company’s overall wind energy capacity in the United States to slightly over 300 MW. This is a promising step towards successful renewable energy production for the company.
Greenbacker will have a portfolio of about 1.18 GW of cumulative generation capacity with the acquisition of this project, including 855.4 MW of large-scale and decentralised solar systems, 300.1 MW of wind systems, 16.0 MW of battery storage, and 12.0 MW biomass plants. These projects also include those that are currently in the pipeline.
Recently, in June 2021, GREC purchased a 7.9 MW/ 16.5 MWh portfolio of sixteen operating and in-pipeline behind-the-meter energy storage systems from Stem, an artificial intelligence-driven energy storage services company. Each of the acquired systems will be a part of California’s Self Generation Incentive Program, which seeks to drive progress toward a cleaner, distributed-energy future by offering rebates for installing energy storage technology at both residential and non-residential facilities.