Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, is acquiring the solar and battery development portfolios of Saturn Power, including its team of developers and a 1.4 GW pipeline of early- to late-stage solar and energy storage projects in five U.S. states and two Canadian provinces.
GSI says the acquisition enables the company to bolster its development capabilities and expand its footprint from seven to 12 U.S. states, which will now include New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia, and Washington, as well as 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 pace and at scale,” says GSI CEO Mazen Turk. “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 5 GW mark of clean power by 2029.”
The acquired pipeline includes 72 solar projects (90% community solar) and six battery storage projects. The deal also adds skilled energy developers, engineers and senior leaders, bringing GSI’s total headcount to more than 50 employees.
GSI plans to direct $200 million of capital investment to support its North American operations, including building the acquired pipeline in the coming years.