US investment company Greenbacker Capital Management is backing a pipeline of solar and energy storage projects developed by Richmond, Virginia-based Commonwealth Energy Partners (CEP) in the home state.
Greenbacker Capital said that it has invested in CEP's subsidiary CEP Solar through an affiliated fund that invests in sustainable infrastructure companies.
GreenFront Energy Partners advised CEP on the deal.
The funds will help the company to expand and execute its pipeline of projects in the Virginia renewables market, which is expected to balloon due in part by the 2020 passage of the Virginia Clean Economy Act.
As the US state starts to move towards the 100% clean energy goal by 2045, Virginia's regulated market alone is expected to procure at least 1 GW of solar power annually for the next 15 years, Greenbacker said.
“We are thrilled to join forces with the CEP team as we expand our presence across the Mid-Atlantic and, specifically, in Virginia,” said Benjamin Baker, Managing Director and Principal of Greenbacker's affiliated fund.
“CEP is emblematic of what Greenbacker seeks in its partners: a top-tier management team with deep market knowledge and relationships, operating within an attractive, high-growth market like Virginia,” Baker adds.
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