Farmland Partners Inc. (NYSE: FPI) (the “Company”) today announced updates on the development of solar projects on certain of its farms in Illinois. The first project consists of approximately 432 acres, with power production tentatively slated to commence as early as December 2021. The second solar project is comprised of approximately 1,542 acres, for which the Company received notice of construction commencement on November 1, 2021.
The average agricultural rent for the two farms is approximately $245 per acre. Once the farms are fully developed as solar projects, the average rent is expected to be $570 per acre. A third 52-acre solar project in North Carolina continues to produce revenue of approximately $600 per acre in excess of the farm rent that would have been generated solely from agricultural uses.
Portfolio-wide, the Company has approximately 20,000 acres of solar and wind projects under option or at various stages of development and planning. As these projects progress, the Company will continue to provide further updates. In addition to providing opportunities for increased rental income, solar and windfarm developments diversify the Company’s revenue stream.
“While supporting farmers and worldwide food production remains our primary focus, investing in clean energy alternatives is good for our shareholders and our environment,” said Paul A. Pittman, the Company’s Chairman and CEO.