The 2,400 acres underlying a 50-megawatt (MW) wind farm in Tehachapi, California, was recently acquired by one of the nation's leading ground lease acquisition companies, Landmark Dividend.
"The acquisition of the Tehachapi site is a significant transaction for Landmark Dividend. It provides us with a great foundation in one of the largest wind centers in North America," said Vice President, Peter Kleinberg. "In addition, the lease with NRG and the power purchase agreement with Southern California Edison made this very attractive."
According to the press release of Landmark Dividend in PR NewsWire, the acquired property is located in the Alta Wind Energy Center. 82,000 square feet of manufacturing and office spaces are also included in the acquisition.
The Alta Wind Energy Center is the largest wind facility in the United States and the second worldwide. Located in the wind resource area of the Tehachapi Pass in Kern County, the Alta Wind Energy Center supplies 1,548 megawatts (MW) of renewable energy to Southern California Edison (SCE) customers, and will continue through 2040 under a 3,000 MW wind power development initiative -- producing enough electricity to power 450,000 homes.
"The long-term renewal of the production and investment tax credits by the Congress in December 2015 has set the stage for the continued expansion in alternative energy investment," said Alex Stone, Senior Vice President at Landmark Dividend. "Landmark will continue to leverage its expertise in ground leases and renewable energy infrastructure to provide creative real estate solutions to project developers."
The acquisition is part of the aggressive efforts of Landmark Dividend to seek and acquire additional real estate opportunities for utility-scale renewable energy projects.
Landmark Dividend LLC is one of the nation's largest and most successful ground lease acquisition companies that provide value, capital and liquidity to qualified property owners who lease their property for cell towers, billboards, wind turbines, utility-scale solar farms and fiber optic networks.
