27 Aug 2022
The development, which extends across six FPI properties spanning 1,542 acres, will generate increased rental income for the Company and expand its growing renewable energy portfolio.The tenant will pay rents that are nearly 50% higher than current farm rents once construction is completed and will make payments above that higher level during the expected 12-month construction period “While working with farmers and supporting their efforts to responsibly feed the world remains our primary mission, we also recognize that investing in renewable energy benefits the environment and provides attractive returns to our shareholders,” said FPI Chairman and CEO Paul Pittman.FPI’s renewable power portfolio currently has the capacity to produce more than 110 megawatts of electricity, across three operational wind projects and five solar projects. For perspective, that’s enough electricity to power 20,900 U.S. homes, according to methodology used by the Solar Energy Industries Association. The planned Clark County development will add additional generation capacity.While solar projects replace farm rents entirely, wind projects supplement existing farm rents because agricultural production can continue around wind turbines. The chart below provides an overview of the Company’s energy portfolio, including expected revenue from the new solar project once it is operational.
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