Greenbacker Capital Management (GCM), a renewable energy asset manager, has purchased, through an affiliated investment vehicle, a 3.9 megawatts defined conditions (MWdc) to-be-constructed solar farm from Sun Tribe Development, one of the fastest growing clean energy developers in the Mid-Atlantic region.
The Wood Brothers Road Solar project is Greenbacker’s first clean energy asset in Virginia. It has a long-term power purchase agreement in place to sell energy, capacity, ancillary services, and renewable energy credits to an investment-grade utility. The acquisition contributes to Greenbacker’s strategy of owning and operating renewable energy assets that seek to provide reliable long-term revenue.
“We’re proud to expand Greenbacker’s fleet of renewables projects into new territory with our first clean energy asset in Virginia,” said Mehul Mehta, CIO of Greenbacker. “Collaborating with Su