Solar array. Author: U.S. Department of Agriculture .
Sustainable infrastructure investor Greenbacker Capital Management LLC announced on Wednesday it has acquired a 3.9-MW direct current (DC) solar project in Virginia.
The to-be-constructed scheme was purchased through an affiliated investment vehicle from Virginia-based clean energy developer Sun Tribe Development for an undisclosed amount.
The acquired project, dubbed Wood Brothers Road Solar, represents Greenbacker's entry into the clean energy market in Virginia.
Located on a portion of an active soybean farm in Middlesex County, Greenbacker expects Wood Brothers Road to start commercial operation in the first half of 2024.
An unnamed investment-grade utility is the off-taker of the solar farm's energy, capacity, ancillary services, and renewable energy credits under a long-term power purchase agreement (PPA).
The acquisition comes less than a month after Greenbacker Renewable Energy Company LLC (GREC), the energy business of the group, bought its first wind energy asset in the state of Illinois, a 54-MW to-be-constructed wind farm, and secured financing for 160 MW of solar projects in South Dakota and Montana.