Greenbacker Opportunity Zone Fund Announces Commercial Operation Date of First Solar Project – 3.1 MW Maryland Solar Facility.
/EIN News/ -- New York, NY, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Greenbacker Renewable Opportunity Zone Fund LLC announced today that its first solar business, a 3.1-megawatt solar project, has begun commercial operations and is now producing electricity. 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, Maryland and is contracted with a wholly-owned subsidiary of WGL Holdings, a public utility company serving the greater Washington DC 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 to the county over its length of service.
Commenting on the project, CEO Charles Wheeler stated, “Greenbacker is thrilled to announce the completion of the Project.” He went on to add, “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.”
Prior to the asset reaching commercial operations, Greenbacker executives joined US Senator Chris Van Hollen, Congressman Anthony Johnson, county officials, and corporate partners for a ribbon cutting event. During his address, Senator Van Hollen said, “The private sector has really come together here…This is a win-win-win for consumers, jobs, and for our environment.”
The commercial operation date for the Project was January 14, 2020.
About Greenbacker
Greenbacker owns and operates income-generating renewable energy infrastructure assets. Our portfolio of primarily solar and wind facilities sell electricity under long-term contracts to high credit worthy counterparties such as Utilities, Municipalities, and Corporations. For more information, please visit www.greenbackercapital.com
Media contacts
Greenbacker:
Joseph Kuo
(424) 317-4851
mediarelations@greenbackercapital.com
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