October 7 (SeeNews) - Farmland Partners Inc (NYSE:FPI) said Tuesday it has agreed to lease farmland in North Carolina that will accommodate part of the 208-MW Amazon Wind Farm US East.
The US real estate company will lease 28 acres (11.3 ha) for 25 years to Iberdrola Renewables, which is building the wind farm and will own and operate it. The facility will supply electricity to cloud data centres of Amazon Web Services Inc.
Currently, Farmland Partners leases the land for USD 275 (EUR 245) per acre to a local farmer but will get USD 2,600 per acre from Iberdrola.
"Renewable energy projects have the potential to increase the returns we generate from our farm holdings," said Farmland Partners chief executive Paul Pittman.
(USD 1.0 = EUR 0.889)