Greenbacker buys Virginia solar, storage programmer

Aug 3, 2021 10:44 PM ET
  • US investment firm Greenbacker Capital Management is backing a pipe of solar and also energy storage projects developed by Richmond, Virginia-based Republic Energy Allies (CEP) in the house state.
Greenbacker buys Virginia solar, storage programmer
Image: Pete Jelliffe

Greenbacker Capital stated that it has bought CEP's subsidiary CEP Solar with an associated fund that purchases lasting framework companies.

GreenFront Energy Allies advised CEP on the bargain.

The funds will help the business to broaden as well as perform its pipe of projects in the Virginia renewables market, which is anticipated to balloon due in part by the 2020 passage of the Virginia Clean Economy Act.

As the US state starts to move towards the 100% clean energy objective by 2045, Virginia's regulated market alone is expected to obtain a minimum of 1 GW of solar power yearly for the following 15 years, Greenbacker said.

"We are thrilled to join pressures with the CEP team as we broaden our visibility throughout the Mid-Atlantic and also, particularly, in Virginia," claimed Benjamin Baker, Taking Care Of Director and also Principal of Greenbacker's affiliated fund.

"CEP is emblematic of what Greenbacker seeks in its partners: a top-tier management group with deep market understanding and also partnerships, running within an attractive, high-growth market like Virginia," Baker includes.