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    Greenbacker Capital announces investment in floating solar developer Noria Energy.


    January 28, 2022 - Chemical Business Newsbase (Press Release Abstracts)

     

      Greenbacker Capital Management LLC, a leader in sustainable infrastructure investment, announced on 25 Jan 2022 that, through an affiliated fund (the "Fund"), it has made an equity investment in Noria Energy, a California-based solar developer. Greenbacker's growth investment will enable Noria to scale its platform, while executing on and expanding its existing pipeline of solar projects. This pipeline includes both ground-mounted arrays and solar installations that float atop bodies of water. With this investment, Greenbacker enters the floating solar space, or floatovoltaics, an emerging area of the renewable energy asset class with unique environmental and power production advantages. Floating solar projects do not require valuable land area, instead making use of space otherwise left idle, like the surfaces of hydroelectric dam reservoirs, wastewater treatment ponds, or other calm bodies of water. They can also reduce algae growth and slow evaporation for the bodies of water they are installed upon. Floatovoltaic panels also experience a cooling effect from the water beneath, leading to greater and more efficient clean energy generation. The nascent floating solar industry in the US has significant opportunity for growth. The National Renewable Energy Laboratory has estimated that installing floating solar on the 24,000+ manmade reservoirs in the US could meet about 10% of the country's annual electricity needs. With Greenbacker's investment, Noria is poised to expand in the space, having already designed, engineered, and co-developed the nation's largest floating solar array, a 4.8-MW installation at the water reclamation facility in Healdsburg, CA, US. Noria also offers behind-the-meter solar projects - built on land or water - which are systems that provide solar power directly to consumers without involvement from a utility. These systems can help customers reduce power bills, capitalize on renewable energy incentives, and meet their clean energy goals, while also offering insulation from grid disruption. Original Source: Greenbacker Capital Management LLC, 2022. Found on website: http://www.globenewswire.com.

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