Stoel Rives congratulates client Greenbacker Renewable Energy Company on its recent signing of an agreement to acquire a controlling interest in two operating wind energy facilities in Iowa with a total capacity of 80 MW from BlackRock Real Assets’ Global Renewable Power platform. The purchase price was undisclosed.
Greenbacker is an externally managed energy company that acquires income-generating renewable energy and energy efficiency and sustainable development projects and other energy-related businesses. The company seeks projects with long-term power contracts in place with utilities, municipalities or other corporate entities and operates those projects to generate income for its investors.
The 42.5 MW Elk and 37.5 MW Bethel wind energy facilities have long-term power purchase agreements in place with the Central Iowa Power Cooperative, an energy provider with 300,000 residential and more than 13,000 commercial and industrial customers in the state.
The Stoel Rives deal team was led by Randy Hill and included attorneys Sarah Stauffer Curtiss, Missy Foster, Jennifer Mersing and Jeff Nielson.
More information on the deal can be found at BlackRock Real Assets’ Global Renewable Power Sells Stake in Iowa Wind Projects to Greenbacker.