Greenbacker invests in storage developer Virginia Solar
Aug 3 (Renewables Now) – US investment firm Greenbacker Capital Management backs pipeline of solar and energy storage projects developed by Commonwealth Energy Partners (CEP) based in Richmond, Va., Home state .
Greenbacker Capital said it has invested in CEP’s subsidiary, CEP Solar, through an affiliate fund that invests in sustainable infrastructure companies.
GreenFront Energy Partners advised CEP on the agreement.
The funds will help the company expand and execute its portfolio of projects in the Virginia renewable energy market, which is expected to grow in part thanks to the passage in 2020 of the Virginia Clean Economy Act.
As the U.S. state begins to move closer to the goal of 100% clean energy by 2045, the regulated market in Virginia alone is expected to provide at least 1 GW of solar power per year over the course of 15 next few years, said Greenbacker.
“We are delighted to join forces with the CEP team as we expand our presence in the Mid-Atlantic and, more specifically, Virginia,” said Benjamin Baker, Managing Director and Principal of Greenbacker Affiliate Fund. .
âCEP is emblematic of what Greenbacker looks for in its partners: a top-notch management team with deep market knowledge and relationships, operating in an attractive and high-growth market like Virginia,â adds Baker.