Greenbacker Capital Management LLC has made an equity investment into Noria Energy, a California-based developer of solar energy. 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 as well as solar installations that float on top of bodies of water. Greenbacker invests in floating solar space or floatovoltaics.
Floating solar projects don’t require large amounts of land. Instead, they make use of space that would otherwise be inaccessible, such as the surface of hydroelectric dam reservoirs or wastewater treatment ponds. They can also reduce algae growth, and slow evaporation in the bodies of water where they are installed. Floatovoltaics panels also feel a cooling effect from the water below, which leads to more efficient and cleaner clean energy generation.
Noria has co-developed and engineered a 4.8-MW water reclamation plant in Healdsburg, Calif.
“Greenbacker is thrilled to partner with Noria to build our presence in the floating solar market,” says Ben Baker, managing director and principal of the fund. “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.”
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 be used to reduce power bills, maximize renewable energy incentives, meet clean energy goals, and provide insulation from disruption to the grid.
“Collaborating with the Greenbacker team will allow us to scale and deliver creative solutions to our solar customers,” states Jonathan Wank, CEO of Noria. “Our mission at Noria Energy is to develop projects and solutions that lower barriers to solar adoption. We’re also driving innovation by working with the Department of Energy, municipalities, and commercial/industrial customers on solar projects that can improve water quality.”