Greenwood Sustainable Infrastructure (GSI), a unit of Libra Group, has acquired Ontario, Canada-based renewable energy developer Saturn Power’s 1.4GW solar and energy storage projects.
The financial terms of the deal were not divulged.
GSI will absorb Saturn Power’s team of energy developers, engineers and senior leaders, increasing its workforce to more than 50.
The newly-acquired solar and storage portfolio consists of early to late-stage projects, located across five states in the US and two Canadian provinces.
90% of the portfolio is made up of community solar projects. It includes 72 solar projects and six battery storage projects.
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With this purchase, GSI aims to tap into the expertise of Saturn Power in renewable energy projects and the emerging market in energy storage, strengthening its own development capabilities.
The deal bolsters GSI’s reach from seven to 12 states in the US: New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia and Washington.
It also expands the firm’s presence to the provinces of Alberta and Saskatchewan in Canada.
Greenwood Sustainable Infrastructure CEO Mazen Turk said: “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.
“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.”
GSI is also looking to make $200m in capital investment to grow its North American operations. This will include building a pipeline of projects in the years to come.
Saturn Power co-founder, president and CEO Doug Wagner said: “I am immensely proud of what we have accomplished, and am both honoured and excited that Saturn will be joining GSI, where we can leverage the experience and expertise of our dedicated team, helping to scale the business to provide more communities with access to renewable energy.
“By merging our respective teams, we will enhance our development, engineering and construction capabilities, providing a platform for further growth in the years ahead.”