Greenwood Sustainable Infrastructure (GSI), a subsidiary of Libra Group, has acquired the solar and battery development portfolios of Saturn Power.
The acquisition includes Saturn Power’s team of developers and a 1.4GW pipeline of early-to-late-stage solar and energy storage projects in five US states and two Canadian provinces.
A total of 90% of the portfolio comprises community solar projects, which include:
72 solar projects
six battery energy storage systems (BESS)
The acquisition expands the company's footprint from seven to 12 renewable assets in New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia and Washington, as well as Alberta and Saskatchewan in Canada.
GSI intends to allocate $200 million to strengthen its North American operations, including constructing a portfolio pipeline in the future.
GSI is one of four renewable energy subsidiaries of the Libra Group, which has a presence in North America, Central America and Europe. With the addition of the project, Libra's overall portfolio of renewable energy projects — owned, built, or in the planning stages — now spans 3GW across eight nations.
Financial terms of the agreement were not disclosed.
Mazen Turk, chief exec of GSI, said: "With this acquisition, the integration of both management teams will dramatically increase our capabilities in developing efficient, effective, and essential renewable energy projects nationwide. This also represents the next step in our strategic goal to grow our pipeline to the 5GW mark of clean power by 2029."
