A growing number of developers and local government leaders are taking advantage of state and federal incentives to transform former landfills and contaminated industrial properties into energy-producing wind and solar projects.
At first glance, these brownfields may not appear to be suitable candidates for siting commercial and utility-scale renewable energy facilities. But many of these properties have potential to be redeveloped due, in part, to a favorable regulatory and financial environment, and to their close proximity to crucial infrastructure, such as electric transmission lines, substations, roads and water supply.
While redevelopment of brownfields may provide property owners and renewable energy developers with significant opportunities, such investments also carry risks. However, a well-structured business plan that includes thorough due diligence and capitalizes on available incentives and liability protection mechanisms may result in a significant win-win situation for all parties involved – property owners, developers, financiers, regulators, and the communities in which the energy producing facilities are sited.
For a more in-depth discussion, please see our recently published article here.