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\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." } ] }