Greenbacker Buys Renewable Energy Project in Virginia
Greenbacker Capital Management, a non-traded limited liability company focused on green energy investments, has purchased a 3.9 megawatts (DC) to-be-constructed solar farm.
Greenbacker Capital Management, a non-traded limited liability company focused on green energy investments, has purchased a 3.9 megawatts (DC) to-be-constructed solar farm through an affiliated investment vehicle from Sun Tribe Development, a clean energy developer in the mid-Atlantic region.
The Wood Brothers Road Solar project is Greenbacker’s first clean energy asset in Virginia. It has a long-term power purchase agreement in place to sell energy, capacity, ancillary services and renewable energy credits to an investment-grade utility.
The solar project will be located on a portion of an active soybean farm in Middlesex County, where it’s slated to reach commercial operation in the first half of 2024. Along with adding solar energy to the farm’s harvest, Wood Brothers also provides supplemental income to the landowner in the form of land lease payments over the lifetime of the project.
“We’re proud to expand Greenbacker’s fleet of renewables projects into new territory with our first clean energy asset in Virginia,” said Mehul Mehta, chief investment officer of Greenbacker. “Collaborating with Sun Tribe’s solar development experts has led to a great example of a win-win project that will deliver cheaper clean power to Virginia, while making responsible dual use of the farmland it sits on.”
Greenbacker’s fleet of sustainable infrastructure projects comprises more than 2.9 gigawatts of generating capacity. The company said that since 2016, its real assets have produced more than 4.9 million megawatt-hours of clean energy, abating nearly 3.5 million metric tons of carbon, and supporting more than 5,200 green jobs.
Greenbacker Renewable Energy Company seeks to invest in projects that sell clean power under long-term contract to counterparties such as utilities, municipalities and corporations.
