Greenbacker Renewable Opportunity Zone Fund has begun commercial operations.
"Renewable energy assets are commonly built on the marginal land that tends to fall in opportunity zones. These projects provide local tax revenue and jobs and are a natural extension of Greenbacker’s core investing business,” said Charles Wheeler, CEO Greenbacker.
This marks the first project completed by Greenbacker Renewable Opportunity Zone Fund and the beginning of the fund’s operations. The solar project is located in Capitol Heights, Md., and is contracted with a wholly owned subsidiary of WGL Holdings, a public utility company serving the greater Washington, D.C., area. The first-of-its-kind facility in the county is in a qualified opportunity zone that has been vacant for 30 years after it was deemed unsuitable for residential development. The solar project will produce enough energy to power 333 homes and is expected to contribute approximately $1.4 million in total tax revenue