Domain Timber Sells Virginia Forest to Utility for Solar Project

Domain Capital Group LLC, a comprehensive private investment management services firm, and its subsidiary, Domain Timber Advisors LLC, have sold nearly 1,300 contiguous acres of timberland to a local utility in Richmond County, Va., for the development of solar energy generation capacity.

The sale came from a portfolio of more than 23,000 acres of timberland Domain assembled across multiple investment accounts to support renewable energy projects, primarily those focused on solar and wind.

“While the forested habitat will ultimately be converted to a different land use, we believe that solar energy development is an important tool in reducing our nation’s greenhouse gas emissions, mitigating climate change, combating loss of biodiversity and decreasing reliance of foreign energy resources,” says Alton Owens, vice president of investments and environmental assets at Domain Timber Advisors. “This was a meaningful transaction for our client and a step forward for our mutual efforts in promoting sustainability.”

Closing of the transaction keeps Domain Timber Advisors on track to achieve a projected 75 sales in 2023, comprising more than 17,500 acres from a total inventory that exceeds 254,000 acres.

Photo by Bryce McHose on Unsplash.

Original Source: https://solarindustrymag.com/domain-timber-sells-virginia-forest-to-local-utility-for-solar-project