![\"Greenbacker](\"https://greenbackercapital.com/wp-content/uploads/2023/06/Greenbacker-battery-energy-storage-rendering-1024x533.jpg\")
The 30 MW / 120 MWh utility-scale project expands company\u2019s presence in critical energy transition sector
\n\n\n\nNew York, NY, June 21, 2023 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (\u201cBESS\u201d) project in Imperial County, California from SunCode LLC (\u201cSunCode Energy\u201d). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM\u2019s clean energy fleet.
\n\n\n\nWith the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville\u2019s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.1
\n\n\n\n\n\n\n\n\n\u201cUtility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cOur successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.\u201d
\n
Greenbacker\u2019s largest standalone energy storage project
\n\n\n\n
Holtville represents the company\u2019s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.
\n\n\n\n\n\u201cWe are excited to partner with Greenbacker on its largest standalone energy storage project,\u201d said XJ Chen, Managing Director of SunCode Energy. \u201cWe are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.\u201d
\n
The project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy.
\n\n\n\nEnergy storage is set to play an essential role in reaching California\u2019s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.
1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).
\nThe post Greenbacker acquires largest standalone energy storage project to date appeared first on Greenbacker Capital.
\n", "content_text": "The 30 MW / 120 MWh utility-scale project expands company\u2019s presence in critical energy transition sector\n\n\n\nNew York, NY, June 21, 2023 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (\u201cBESS\u201d) project in Imperial County, California from SunCode LLC (\u201cSunCode Energy\u201d). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM\u2019s clean energy fleet.\n\n\n\nWith the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville\u2019s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.1\n\n\n\n\n\u201cUtility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cOur successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.\u201d\n\n\n\n\nGreenbacker\u2019s largest standalone energy storage project\n\n\n\nProject rendering of Greenbacker\u2019s largest battery storage asset to date\u2014a to-be-constructed, 30 MW / 120 MWh BESS in Imperial County, CA\u2014which the renewable energy company recently acquired from SunCode Energy. (Image courtesy of SunCode Energy).\n\n\n\nHoltville represents the company\u2019s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.\n\n\n\n\n\u201cWe are excited to partner with Greenbacker on its largest standalone energy storage project,\u201d said XJ Chen, Managing Director of SunCode Energy. \u201cWe are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.\u201d\n\n\n\n\nThe project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy. \n\n\n\nEnergy storage is set to play an essential role in reaching California\u2019s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.\n\n\n\n\n\n\n\n1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).\nThe post Greenbacker acquires largest standalone energy storage project to date appeared first on Greenbacker Capital.", "date_published": "2023-06-21T06:55:40+00:00", "date_modified": "2023-06-21T16:24:58+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/06/Greenbacker-battery-energy-storage-rendering-e1687294941697.jpg", "tags": [ "California", "GREC II", "Press" ], "summary": "With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the to-be-constructed Holtville BESS project can store enough energy to power over 4100 homes for a 24-hour period. It's also now the largest standalone battery storage asset in Greenbacker\u2019s clean energy fleet. " }, { "id": "https://greenbackercapital.com/?p=4630", "url": "https://www.businesswire.com/news/home/20230517005212/en/rPlus-Energies-and-Appaloosa-Solar-1-Project-Partners-Launch-the-%E2%80%98Local-First-%E2%80%93-Appaloosa-Solar-1-Scholarship%E2%80%99-Committing-120000-to-Students-of-Iron-County-UT#new_tab", "title": "rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT", "content_html": "The post rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT appeared first on Greenbacker Capital.
\n", "content_text": "The post rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT appeared first on Greenbacker Capital.", "date_published": "2023-05-17T13:23:29+00:00", "date_modified": "2023-05-17T16:08:16+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/Greenbackers-Appaloosa-Solar-1-scholarship-donors-photo-e1684339321806.png", "tags": [ "Utah", "Press", "GREC II" ], "summary": "The $120,000 scholarship is specifically for students residing in Iron County, UT\u2014home to Greenbacker's 240 MWdc Appaloosa solar project\u2014who plan to pursue their career goals locally. The Local First scholarship series assists communities in meeting their workforce needs by providing tuition for local certificate and degree programs." }, { "id": "https://greenbackercapital.com/?p=4204", "url": "https://greenbackercapital.com/2022/11/greenbacker-acquires-three-community-solar-projects-in-new-york/", "title": "Greenbacker acquires three community solar projects in New York", "content_html": "\nCompany\u2019s community solar energy assets will provide more equitable access to cheaper clean power
\n\n\n\nNew York, NY, November 15, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings (\u201cReneSola\u201d). When completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers\u2019 access to cheaper solar power.
\n\n\n\nConstruction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year. With a combined clean power\u2013generation capacity of 8.7 MWdc, the portfolio will supply New Yorkers with enough cheaper renewable energy to power, on average, 1653 homes a year.1
\n\n\n\nTwo of the projects are set to participate in the Solar For All program,2 a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York\u2019s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.3
\n\n\n\n\n\n\n\n\n\u201cEquitable access to solar power is critical to a sustainable energy transition, and we\u2019re delighted that Greenbacker\u2019s third community solar collaboration with ReneSola will help provide that access\u2014particularly in our own neck of the woods,\u201d said Mehul Mehta, CIO of Greenbacker, which is based in New York. \u201cWe look forward to continuing our successful track record and bringing more new solar power to the grid together.\u201d
\n
The transaction is the latest in a history of successful clean energy partnerships between Greenbacker and its affiliates and ReneSola, an established renewables developer with a healthy pipeline of community and utility-scale solar projects, as well as energy storage.
\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,\u201d said John Ewen, CEO of ReneSola North America. \u201cReneSola shares Greenbacker\u2019s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic.\u201d
\n
Since 2017, Greenbacker Renewable Energy Company\u2014a clean energy infrastructure business affiliated with GCM\u2014has purchased a North Carolina solar farm, three solar energy projects in Utah, and four Maine community solar assets from ReneSola.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 What\u2019s in a Megawatt?, Solar Energy Industries Association.
\n\n\n\n2 Solar for All, New York state website.
\n\n\n\n\nThe post Greenbacker acquires three community solar projects in New York appeared first on Greenbacker Capital.
\n", "content_text": "Company\u2019s community solar energy assets will provide more equitable access to cheaper clean power\n\n\n\nNew York, NY, November 15, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings (\u201cReneSola\u201d). When completed, the portfolio will help contribute to a more equitable clean energy transition by expanding New Yorkers\u2019 access to cheaper solar power.\n\n\n\nConstruction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year. With a combined clean power\u2013generation capacity of 8.7 MWdc, the portfolio will supply New Yorkers with enough cheaper renewable energy to power, on average, 1653 homes a year.1\n\n\n\nTwo of the projects are set to participate in the Solar For All program,2 a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York\u2019s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.3\n\n\n\n\n\u201cEquitable access to solar power is critical to a sustainable energy transition, and we\u2019re delighted that Greenbacker\u2019s third community solar collaboration with ReneSola will help provide that access\u2014particularly in our own neck of the woods,\u201d said Mehul Mehta, CIO of Greenbacker, which is based in New York. \u201cWe look forward to continuing our successful track record and bringing more new solar power to the grid together.\u201d\n\n\n\n\nThe transaction is the latest in a history of successful clean energy partnerships between Greenbacker and its affiliates and ReneSola, an established renewables developer with a healthy pipeline of community and utility-scale solar projects, as well as energy storage.\n\n\n\n\n\u201cWe are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,\u201d said John Ewen, CEO of ReneSola North America. \u201cReneSola shares Greenbacker\u2019s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic.\u201d\n\n\n\n\n\n\n\n\nSince 2017, Greenbacker Renewable Energy Company\u2014a clean energy infrastructure business affiliated with GCM\u2014has purchased a North Carolina solar farm, three solar energy projects in Utah, and four Maine community solar assets from ReneSola.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 What\u2019s in a Megawatt?, Solar Energy Industries Association.\n\n\n\n2 Solar for All, New York state website.\n\n\n\n3 New York state website.\nThe post Greenbacker acquires three community solar projects in New York appeared first on Greenbacker Capital.", "date_published": "2022-11-15T16:35:00+00:00", "date_modified": "2023-05-31T19:00:27+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/11/Solar-farmland.jpg", "tags": [ "New York", "Press", "GREC II" ], "summary": "Greenbacker acquires three to-be-constructed community solar projects in New York. Once completed, the portfolio will help contribute to a more equitable clean energy transition by expanding the state\u2019s access to cheaper solar power." }, { "id": "https://greenbackercapital.com/?p=4182", "url": "https://greenbackercapital.com/2022/11/greenbacker-acquires-sponsor-position-in-200-mwac-240-mwdc-solar-plant-in-utah/", "title": "Greenbacker acquires sponsor position in 200 MWac / 240 MWdc solar plant in Utah", "content_html": "\nConstruction commences with groundbreaking ceremony for project that will supply Meta with renewable energy
\n\n\n\nNew York, NY, November 03, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has partnered, through an affiliated investment vehicle, on a to-be-constructed 200 MWac / 240 MWdc solar plant in Iron County, Utah with rPlus Energies LLC (\u201crPlus\u201d), a preeminent utility-scale renewable energy developer.
\n\n\n\nThe Appaloosa Solar 1 project (\u201cAppaloosa\u201d) is now the second largest renewable energy project in the overall Greenbacker fleet, in terms of clean power\u2013generation capacity. The asset that previously held that title recently entered commercial operation in neighboring Carbon County: the 80 MWac / 104 MWdc Graphite Solar (Greenbacker Renewable Energy Company\u2019s largest operational solar energy project to date).
\n\n\n\nAppaloosa reunites many of Greenbacker\u2019s project partners involved with Graphite, which was developed, built, and commissioned by rPlus. Sundt Renewables is again providing engineering, procurement, and construction services. Like Graphite, Appaloosa has a long-term power purchase agreement in place with utility PacifiCorp on behalf of Meta. The contract was developed under Rocky Mountain Power\u2019s Schedule 34 green energy tariff, which allows large customers to purchase renewable energy generated on their behalf.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cBuilding durable partnerships is critical to building the future of energy,\u201d said Ben Tillar, VP of Investments at Greenbacker. \u201cWe\u2019re excited to continue collaborating with these industry experts on utility-scale solar plants like Appaloosa, which will support green jobs, diversify the region\u2019s energy infrastructure, and help Utah run on cost-effective renewable power.\u201d
rPlus, Sundt, and Greenbacker hosted a groundbreaking ceremony to celebrate the beginning of the project\u2019s construction. At the September 12 event, project partners spoke on the environmental and economic benefits that investing in renewable energy projects like Appaloosa can provide, including in the communities that host them.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are thrilled to be working with Greenbacker again,\u201d said Luigi Resta, President and CEO of rPlus Energies. \u201cThey have proven to be great partners that share similar feelings of responsibility and deep respect to the communities we are developing in.\u201d
Appaloosa\u2019s construction is expected to rely on many local vendors, bringing patrons to local businesses, delivering revenue to the area, and supporting approximately 250 construction-related green energy jobs. When complete, Appaloosa is expected to generate enough annual clean power to abate over 260,000 metric tons of carbon.1
\n\n\n\n1Per latest Independent Engineering Report.
\nThe post Greenbacker acquires sponsor position in 200 MWac / 240 MWdc solar plant in Utah appeared first on Greenbacker Capital.
\n", "content_text": "Construction commences with groundbreaking ceremony for project that will supply Meta with renewable energy\n\n\n\nNew York, NY, November 03, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has partnered, through an affiliated investment vehicle, on a to-be-constructed 200 MWac / 240 MWdc solar plant in Iron County, Utah with rPlus Energies LLC (\u201crPlus\u201d), a preeminent utility-scale renewable energy developer.\n\n\n\nThe Appaloosa Solar 1 project (\u201cAppaloosa\u201d) is now the second largest renewable energy project in the overall Greenbacker fleet, in terms of clean power\u2013generation capacity. The asset that previously held that title recently entered commercial operation in neighboring Carbon County: the 80 MWac / 104 MWdc Graphite Solar (Greenbacker Renewable Energy Company\u2019s largest operational solar energy project to date).\n\n\n\nAppaloosa reunites many of Greenbacker\u2019s project partners involved with Graphite, which was developed, built, and commissioned by rPlus. Sundt Renewables is again providing engineering, procurement, and construction services. Like Graphite, Appaloosa has a long-term power purchase agreement in place with utility PacifiCorp on behalf of Meta. The contract was developed under Rocky Mountain Power\u2019s Schedule 34 green energy tariff, which allows large customers to purchase renewable energy generated on their behalf.\n\n\n\n\u201cBuilding durable partnerships is critical to building the future of energy,\u201d said Ben Tillar, VP of Investments at Greenbacker. \u201cWe\u2019re excited to continue collaborating with these industry experts on utility-scale solar plants like Appaloosa, which will support green jobs, diversify the region\u2019s energy infrastructure, and help Utah run on cost-effective renewable power.\u201d\n\n\n\n\n\n\n\nrPlus, Sundt, and Greenbacker hosted a groundbreaking ceremony to celebrate the beginning of the project\u2019s construction. At the September 12 event, project partners spoke on the environmental and economic benefits that investing in renewable energy projects like Appaloosa can provide, including in the communities that host them.\n\n\n\n\u201cWe are thrilled to be working with Greenbacker again,\u201d said Luigi Resta, President and CEO of rPlus Energies. \u201cThey have proven to be great partners that share similar feelings of responsibility and deep respect to the communities we are developing in.\u201d\n\n\n\n\n\n\n\nAppaloosa\u2019s construction is expected to rely on many local vendors, bringing patrons to local businesses, delivering revenue to the area, and supporting approximately 250 construction-related green energy jobs. When complete, Appaloosa is expected to generate enough annual clean power to abate over 260,000 metric tons of carbon.1\n\n\n\n\n\n\n\n1Per latest Independent Engineering Report.\nThe post Greenbacker acquires sponsor position in 200 MWac / 240 MWdc solar plant in Utah appeared first on Greenbacker Capital.", "date_published": "2022-11-03T07:00:00+00:00", "date_modified": "2022-11-03T13:05:01+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/10/Greenbacker-groundbreaking-shovels-Appaloosa-solar-energy-2-e1666893299643.png", "tags": [ "Utah", "GREC II", "Press" ], "summary": "Greenbacker acquires sponsor position in 200 MWac / 240 MWdc solar plant in Utah. Construction commences with groundbreaking ceremony for project that will supply Meta with renewable energy." }, { "id": "https://greenbackercapital.com/?p=4120", "url": "https://greenbackercapital.com/2022/10/greenbackers-fleet-adds-its-first-renewable-energy-project-in-virginia/", "title": "Greenbacker\u2019s fleet adds its first renewable energy project in Virginia", "content_html": "\nThe 4 MWdc solar project will expand a soybean farm\u2019s harvest to include clean power
\n\n\n\nNew York, NY, October 12, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a 3.9 MWdc to-be-constructed solar farm from Sun Tribe Development (\u201cSun Tribe\u201d), one of the fastest growing clean energy developers in the Mid-Atlantic region.
\n\n\n\nThe Wood Brothers Road Solar project is Greenbacker\u2019s 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 acquisition contributes to Greenbacker\u2019s strategy of owning and operating renewable energy assets that seek to provide reliable long-term revenue.
\n\n\n\nThe solar project will be located on a portion of an active soybean farm in Middlesex County, where it\u2019s slated to reach commercial operation in the first half of 2024. Along with adding solar energy to the farm\u2019s harvest, Wood Brothers also provides supplemental income to the landowner in the form of land lease payments over the lifetime of the project.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe\u2019re proud to expand Greenbacker\u2019s fleet of renewables projects into new territory with our first clean energy asset in Virginia,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cCollaborating with Sun Tribe\u2019s 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.\u201d
The acquisition represents Greenbacker\u2019s first clean energy collaboration with Sun Tribe, a developer with over 100 renewables projects in Virginia.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cAs a Virginia-based company, the transition of the energy economy occurring in the Commonwealth is something we\u2019re extremely proud to be a part of,\u201d said Danny Van Clief, CEO of Sun Tribe Development. \u201cLandowners, local governments, and energy buyers put their trust in us to help them participate meaningfully in that transition. When our work is complete and meets the standards of an elite owner-operator such as Greenbacker, we feel we\u2019ve earned that trust.\u201d
Virginia offers a growing market for renewable energy projects. The Virginia Clean Economy Act (VCEA) passed in 2020 set the state on a path to more than double its solar energy capacity and mandated that Virginia\u2019s two major regulated utilities achieve 100% clean energy by 2045 and 2050, respectively.1
\n\n\n\nThe Greenbacker Development Opportunities Fund I, LP, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, made a strategic investment in the Virginia-based Commonwealth Energy Partners in 2021.
\n\n\n\n1 \u201cVirginia passes landmark solar legislation,\u201d Solar United Neighbors, Ben Delman, March 10, 2020.
\nThe post Greenbacker’s fleet adds its first renewable energy project in Virginia appeared first on Greenbacker Capital.
\n", "content_text": "The 4 MWdc solar project will expand a soybean farm\u2019s harvest to include clean power\n\n\n\nNew York, NY, October 12, 2022 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a 3.9 MWdc to-be-constructed solar farm from Sun Tribe Development (\u201cSun Tribe\u201d), one of the fastest growing clean energy developers in the Mid-Atlantic region.\n\n\n\nThe Wood Brothers Road Solar project is Greenbacker\u2019s 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 acquisition contributes to Greenbacker\u2019s strategy of owning and operating renewable energy assets that seek to provide reliable long-term revenue.\n\n\n\nThe solar project will be located on a portion of an active soybean farm in Middlesex County, where it\u2019s slated to reach commercial operation in the first half of 2024. Along with adding solar energy to the farm\u2019s harvest, Wood Brothers also provides supplemental income to the landowner in the form of land lease payments over the lifetime of the project.\n\n\n\n\n\n\n\n\u201cWe\u2019re proud to expand Greenbacker\u2019s fleet of renewables projects into new territory with our first clean energy asset in Virginia,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cCollaborating with Sun Tribe\u2019s 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.\u201d\n\n\n\n\n\n\n\nThe acquisition represents Greenbacker\u2019s first clean energy collaboration with Sun Tribe, a developer with over 100 renewables projects in Virginia.\n\n\n\n\n\n\n\n\u201cAs a Virginia-based company, the transition of the energy economy occurring in the Commonwealth is something we\u2019re extremely proud to be a part of,\u201d said Danny Van Clief, CEO of Sun Tribe Development. \u201cLandowners, local governments, and energy buyers put their trust in us to help them participate meaningfully in that transition. When our work is complete and meets the standards of an elite owner-operator such as Greenbacker, we feel we\u2019ve earned that trust.\u201d\n\n\n\nVirginia offers a growing market for renewable energy projects. The Virginia Clean Economy Act (VCEA) passed in 2020 set the state on a path to more than double its solar energy capacity and mandated that Virginia\u2019s two major regulated utilities achieve 100% clean energy by 2045 and 2050, respectively.1\n\n\n\nThe Greenbacker Development Opportunities Fund I, LP, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, made a strategic investment in the Virginia-based Commonwealth Energy Partners in 2021.\n\n\n\n\n\n\n\n1 \u201cVirginia passes landmark solar legislation,\u201d Solar United Neighbors, Ben Delman, March 10, 2020.\nThe post Greenbacker’s fleet adds its first renewable energy project in Virginia appeared first on Greenbacker Capital.", "date_published": "2022-10-12T07:39:11+00:00", "date_modified": "2022-10-14T15:09:06+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/10/Greenbacker-solar-power-panels-e1665524955463.png", "tags": [ "Virginia", "Press", "GREC II" ], "summary": "Greenbacker has expanded its fleet of clean energy projects into Virginia, a growing market for renewables. The 4 MWdc to-be-constructed solar project is located on an active soybean farm, where it will expand the harvest to include clean power." } ] }