Greenwood Sustainable Infrastructure (GSI), Libra Group’s North American renewable energy subsidiary, will acquire Saturn Power’s solar and battery development portfolios, including its development team and 1.4 GW of early and late-stage solar and energy storage pipeline. projects in five US states and two Canadian provinces.
GSI says the acquisition will allow the company to strengthen its development capabilities and expand its footprint from seven US states to 12, which now includes New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania and Virginia. and Washington and Alberta and Saskatchewan in Canada.
“We are delighted to welcome members of Saturn Power’s expert team to help us develop a stronger renewable energy business capable of transforming communities at speed and scale,” said GSI CEO Mazen Turk. “With this acquisition, the integration of both management teams significantly increases our ability to develop efficient, effective and necessary renewable energy projects nationwide. This is also the next step in our strategic goal of increasing our pipeline to 5 GW of clean electricity by 2029.
The purchased pipeline includes 72 solar projects (90% of community solar) and six battery storage projects. The deal also adds skilled energy developers, engineers and managers, bringing GSI’s total number of employees to more than 50 employees.
GSI plans to direct $200 million in capital investment to support its North American operations, including construction of the acquired pipeline, over the coming years.
