Exhibit 21.1

The direct and indirect subsidiaries of the Registrant, and their respective states of incorporation or organization, are set forth below:

Subsidiary	State of Incorporation or Organization
Pittsburgh & West Virginia Railroad	Pennsylvania
PW Salisbury Solar, LLC	Massachusetts
PW Tulare Solar, LLC	California
PW Regulus Solar, LLC	California
PW CanRe of Co. Holdings, LLC	Colorado
PW CO CanRE JAB LLC	Colorado
PW PWV Holdings LLC	Delaware