FPI - Farmland Partners sees revenue growth as renewable energy tenant expands solar power portfolio

• Farmland Partners ( NYSE: FPI ) notified Wednesday that one of its renewable energy tenant plans to begin construction of a new solar power project in Clark County, Illinois, by the end of the month.
• The development, which extends across six FPI properties, is said to generate increased rental income as tenant agrees to pay rents that are nearly 50% higher than current farm rents once construction is completed.
• “Including the Clark County project, energy tenants account for nearly $1.5 million in revenue a year,”  said FPI Chairman and CEO Paul Pittman. “Given the long-term nature of solar and wind leases – ranging from 15 to 40 years – these projects reduce risk for the Company and provide long-term inflation protection.”
• Earlier: Farmland Partners acquires two Illinois farms for $6.6M

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