Greenbacker Capital Management, a renewable energy asset manager, has purchased, through an affiliated investment vehicle, a 3.9 MW DC to-be-constructed solar farm 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.
“We’re proud to expand Greenbacker’s fleet of renewables projects into new territory with our first clean energy asset in Virginia,” says Mehul Mehta, CIO 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.”
The acquisition represents Greenbacker’s first clean energy collaboration with Sun Tribe, a developer with over 100 renewables projects in Virginia.
“As a Virginia-based company, the transition of the energy economy occurring in the Commonwealth is something we’re extremely proud to be a part of,” states Danny Van Clief, CEO of Sun Tribe Development. “Landowners, 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’ve earned that trust.”