Sustainable infrastructure investor Greenbacker Capital Management LLC has set foot in the floating solar photovoltaic (PV) market by making an equity investment in California-based solar developer Noria Energy. The strategic investment was made through an affiliated fund of Greenbacker Capital, the latter said on Tuesday. The move will facilitate the expansion of the target’s platform and grow its existing pipeline of ground-mounted and floating solar projects.
Being active since 2018, Noria is a company that designs, builds, owns, and operates solar PV plants, including behind-the-meter facilities, in the US and Latin America. At present, it is developing over 200 MW of floating and ground-mounted PV schemes for the needs of commercial and industrial customers, wastewater treatment plants and hydropower stations. In March last year, Noria brought online a 4.8-MW floating PV array for the City of Healdsburg in California’s Sonoma County, which is the largest of its kind in the US. The Noria team’s track record and innovation in the space, along with their overall solar development expertise, position them well to continue expanding and contributing to a clean energy future.