Why a Wind Farm Built in 2006 Sold on the Strength of a Contract Signed This Year

Revolve Renewable Power is paying $10.48 million for a wind farm in Cascade County, Montana. Six turbines, 9.6 MW, generating since February 2006. That is $1.09 million per MW, above the median for operational US wind, for machines that have already run for twenty years. The hardware is not what sets the price.

Key takeaways

• Revolve Renewable Power has signed definitive agreements to acquire the 9.6 MW Horseshoe Bend wind project in Cascade County, Montana, from Cycle Holdings, LLC for $10.48 million, equivalent to $1.09 million per MW.
• The project has been operational since February 2006, comprises six GE 1.6 SLE turbines and generates around 21.2 GWh a year.
• Horseshoe Bend is contracted to NorthWestern Energy under a power purchase agreement running from March 2026 to May 2046, replacing a 20-year Firm Energy Sales Agreement with Idaho Power signed in 2004 that expired in February 2026.
• Revolve is funding the purchase with $7.25 million of debt split evenly between Export Development Canada and Vancity Capital Corporation, over a 10-year term at an all-in rate currently estimated at around 10 percent.
• Enerdatics records 35 US wind transactions since the start of 2024, of which 13 resolve to a price per MW, with a median of $0.97 million per MW and a range from $0.44 million to $1.54 million.

What is Revolve actually buying for $1.09 million per MW?

A contract with twenty years left to run, sitting on equipment that has already served twenty. The turbines are GE 1.6 SLE machines, current when the project was commissioned in 2006 and long since superseded. Nothing about six turbines of that vintage justifies a price above the market median on its own.

What changed immediately before the sale was the revenue. The original 20-year Firm Energy Sales Agreement with Idaho Power, signed in 2004, expired in February 2026. A new power purchase agreement with NorthWestern Energy then began in March 2026 and runs to May 2046. The asset was re-contracted for two decades and then sold.

That sequence is the whole transaction. A buyer in early 2025 would have been underwriting a wind farm with one year of contracted revenue left and an open question about what followed. A buyer now is underwriting twenty years of known offtake. The turbines did not improve. The certainty did. Enerdatics traced the same preference for owned, contracted generation in Germany, where a municipal water utility bought a wind farm rather than signing for its output on the strength of a 20-year revenue award.

Why did this deal need two attempts?

Because the first one was priced before the contract existed. In April 2025 Revolve announced a binding offer for a 95 percent interest in a 9.6 MW wind project at roughly $10.5 million. That transaction did not close, and the acquisition loan proceeds were returned to the lender in September 2025. Given the close alignment in capacity and operating status, Enerdatics understands the project in that offer to be the same Horseshoe Bend asset, though the earlier announcement did not name it.

Read against the offtake timeline, the gap makes sense. The April 2025 attempt sat in the window when the Idaho Power agreement had less than a year to run and no successor was in place. The signed deal sits three months after a twenty-year replacement took effect. Roughly the same headline consideration is buying a materially different risk, and this time the debt has arrived rather than gone back.

Enerdatics identifies Cycle Holdings, LLC as the owner and operator through its transaction intelligence, with Peter Peacock Blood identified as sole owner and principal officer and accordingly the seller. Revolve describes the vendor as arm's length.

What does the financing say about the buyer?

That contracted cash flow is what makes a deal this size financeable at all. Export Development Canada and Vancity Capital Corporation are each providing a $3.625 million term loan, $7.25 million together, covering about 69 percent of the purchase price. The all-in rate is currently estimated at around 10 percent, based on USD Prime plus a margin, so it moves with the reference rate.

Put the numbers side by side. Interest on $7.25 million at roughly 10 percent is about $0.73 million a year. Enerdatics records an average contract price of $64.67 per MWh for the project in 2024, when the Idaho Power agreement was still running, which against 21.2 GWh of annual generation implies revenue of roughly $1.37 million. Debt service takes a substantial share of gross revenue before operating costs, and pricing under the new NorthWestern agreement is not disclosed, so the current margin is not observable from the record.

A double-digit rate on a fully contracted operating asset says more about the borrower than the project. Revolve is a small listed company building an operating base, and Enerdatics covered the cost of that position in August when it funded an Ontario battery portfolio from a bridge facility priced at 20 percent. Against that, 10 percent secured on twenty years of utility offtake is an improvement, and part of the remaining consideration comes from cash on hand including proceeds of that earlier facility.

Enerdatics records 35 US wind transactions since the start of 2024, of which 13 resolve to a price per MW. The median is $0.97 million per MW, the upper quartile $1.15 million, and the full range runs from $0.44 million to $1.54 million. Horseshoe Bend at $1.09 million per MW sits above the median and inside that upper quartile. One caution on the benchmark: the April 2025 attempt on this same asset also sits in the priced set at $1.15 million per MW, so one of the thirteen points is an earlier run at the deal being measured.

What does the deal signal for US onshore wind?

The deal signals that re-contracting is becoming the event that makes an ageing US wind project sellable. Much of the US fleet was built in the 2000s under twenty-year agreements now expiring in sequence, and each expiry creates a fork. An owner who secures a replacement holds a financeable asset with a fresh two-decade horizon. An owner who does not holds a merchant position on old equipment, which is harder to sell and harder to lend against.

For buyers at the small end of the market, that fork is the opportunity. Projects below ten megawatts are too small for infrastructure funds, which leaves listed small-caps and specialist operators facing limited competition. Horseshoe Bend gives Revolve its first operating generation in the US, extending a platform that until now has run across Canada and Mexico. Expect price per MW in this segment to track the length of the offtake more closely than the age of the turbines.

Frequently asked questions

How much did Revolve pay for the Horseshoe Bend wind project?The consideration is $10.48 million for the 9.6 MW project, equivalent to $1.09 million per MW. That sits above the $0.97 million per MW median of the 13 priced US wind transactions Enerdatics records since the start of 2024.

What is a Firm Energy Sales Agreement?It is a long-term contract under which a generator commits to deliver a defined quantity of energy to a utility at agreed prices, typically used for smaller qualifying facilities in the US. Horseshoe Bend sold to Idaho Power under a 20-year agreement signed in 2004, which expired in February 2026.

Who is financing the acquisition?Export Development Canada and Vancity Capital Corporation are each providing a $3.625 million term loan, $7.25 million in total, funding on closing. The loans run ten years with a twelve-month interest-only period and no early repayment penalty.

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