Domain Timber Advisors sells 1,300 acres of timberland for solar project
Domain Capital Group and its subsidiary, Domain Timber Advisors, have sold nearly 1,300 contiguous acres of timberland to a local utility in Richmond County, Va., for development of solar energy-generation capacity.
The sale came from a portfolio of more than 23,000 acres of timberland Domain assembled across multiple investment accounts to support renewable-energy projects, primarily those focused on solar and wind.
“We believe this is a clear example of Domain’s strategy to realize value above traditional core timberland returns thorough the implementation of ‘highest and best-use’ land sales and other value-added initiatives,” said Alton Owens, vice president of investments and environmental assets at Domain Timber Advisors.
“While the forested habitat will ultimately be converted to a different land use, we believe that solar-energy development is an important tool in reducing our nation’s greenhouse gas emissions, mitigating climate change, co