Greenbacker Renewable Opportunity Zone Fund’s first solar project, a 3.1-MW solar project, has begun commercial operations and is now producing electricity.
The array, which came online January 14, 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.
“Greenbacker is thrilled to announce the completion of the project,” said Charles Wheeler, CEO of Greenbacker. “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 system reaching commercial operations, Greenbacker executives joined U.S. Senator Chris Van Hollen, Congressman Anthony Johnson, county officials and corporate partners for a ribbon-cutting event. “The private sector has really come together here,” Van Hollen said during his address. “This is a win-win-win for consumers, jobs and for our environment.”
News item from Greenbacker