GSI Enhances Renewable Energy Platform with Strategic Acquisition of Saturn Power
Libra Group subsidiary acquires 1.4 GW pipeline of solar and energy storage projects and adds team of seasoned Canadian developers, increasing GSI’s presence to 12 U.S. states and Canada.
[April 13, 2023, New York, New York] — Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, has announced the strategic acquisition of the solar and battery development portfolios of Saturn Power, including its team of seasoned developers and an approximate 1.4-gigawatt (GW) pipeline of early to late-stage solar and energy storage projects in five U.S. states and two Canadian provinces.
Harnessing the expertise of Saturn Power, a leading developer and operator of renewable energy projects and leader in the emerging battery storage market, the deal allows GSI to substantially bolster its development capabilities, building on over a decade of experience investing, developing, and overseeing the operations of clean energy projects. It also expands GSI’s 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,” said Chief Executive Officer of GSI 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 projects, 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 bolster its North American operations, including building the acquired pipeline in the coming years.
Community solar projects are designed to democratize the availability of solar power generating capacity among individuals and businesses that have had restricted access to solar energy sources. In 2022, the U.S. Administration announced an initiative to bring community solar to the U.S. as part of the $1.2 trillion Bipartisan Infrastructure Law. GSI’s expertise in managing diverse solar projects in different settings will be put to good use with the new community solar portfolio.
“When we founded Saturn Power 16 years ago, our mission was to build an organization that focused on developing a sustainable environment for future generations through the advancement of clean, renewable energy,” said Doug Wagner, Co-Founder, President and CEO of Saturn Power. “I am immensely proud of what we have accomplished and am both honored 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.”
GSI is one of four renewable energy subsidiaries of Libra Group, which include a presence in North America, Central America, and Europe. This acquisition takes the overall renewable energy portfolio of Libra Group to 3 GW of projects owned, developed, or pending development in eight countries.
Manos Kouligkas, Chief Executive Officer of Libra Group, stated, “This acquisition is significant, not just for its scale, but for the signal it sends that renewable energy projects continue to be sound financial investments with strong returns and multiple economic, social, and environmental benefits.” He continued, “The opportunities provided by community solar projects will not only help the U.S. to achieve its carbon reduction commitments, but will create essential new jobs to serve the green economy. With assets and a pipeline of projects, GSI is positioned to be one of the leading privately owned renewable platforms in the United States.”
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) (www.greenwoodinfra.com) is one of the renewable energy subsidiaries of Libra Group. GSI is focused on the development, construction and operation of distributed generation and utility-scale solar energy and battery storage projects in North America. As of March 2023, the company developed approximately 178 MW across 43 renewable energy projects, many of which are still owned or operated by GSI, and has an additional project pipeline of approximately 1.6 GW. GSI’s seasoned team also has a proven track-record investing in power assets and partnering with multiple top-tiered investors.
About Libra Group
Libra Group is a privately owned, global business group that encompasses 30 operating entities: 20 businesses predominately focused on aviation, renewable energy, maritime, real estate, hospitality, and diversified investments, as well as 10 independently-run social initiatives. With assets and operations in nearly 60 countries, the Group applies the strength of its global network and capabilities to deliver cross-sector insights and growth at scale. Libra’s social responsibility programs, housed under Libra Philanthropies, include 10 social initiatives created to address unmet needs and grantmaking that helps people worldwide. For more information, visit www.libra.com.