Greenbacker Renewable Opportunity Zone Fund LLC, owner and operator of income-generating renewable energy infrastructure assets, says its first solar business, a 3.1 MW project, has begun commercial operations and is now producing electricity.
This marks the first project completed by Greenbacker and the beginning of the fund’s operations. The project is located in Capitol Heights, Md., and is contracted with a wholly owned subsidiary of WGL Holdings, a public utility company serving the greater Washington, D.C. area.
The project is expected to contribute approximately $1.4 million in total tax revenue to the county over its length of service.
“Greenbacker is thrilled to announce the completion of the project,” says Charles Wheeler, CEO. “Renewable energy assets are commonly built on the marginal land that tends to fall in opportunity zones. These projects provide local tax revenue and jobs and are a natural extension of Greenbacker’s core investing business.”
Prior to the asset reaching commercial operations, Greenbacker executives joined U.S. Sen. Chris Van Hollen, Congressman Anthony Johnson, county officials and corporate partners for a ribbon-cutting event.
Photo: A map display of Greenbacker’s renewable energy assets