Farmland Partners rises after new Illinois solar project

Farmland Partners

24/08/2022 17:05

** Shares of specialized REIT Farmland Partners Inc  FPI.N 
rise 2.1% to $14.54
    ** FPI, which makes loans to farmers secured by farm real
estate, says a renewable energy tenant plans to begin
constructing a solar power project that will extend across six
FPI properties spanning 1,542 acres  urn:newsml:reuters.com:*:nBw4yhTZca
    ** Says tenant will pay rents that are nearly 50% higher
than current farm rents once project construction is completed;
tenant will also make payments above that during the
construction period
    ** Construction will begin in Clark County, Illinois, by the
end of this month and is expected to last 12 months
    ** Once project is completed, FPI expects its total
renewables portfolio to generate average energy revenue of
$578.15/acre through solar projects and $25.66/acre through wind
projects
    ** FPI stock has gained ~19% YTD up to Tuesday's close

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))