Libra Group has announced the acquisition of Greenwood Fuels, an innovative producer of renewable fuel products that help its customers meet increasingly stringent environmental and sustainability standards. The acquisition of Greenwood Fuels is the first renewable energy investment for Libra Group in the United States. Libra already has extensive solar and wind energy interests in the South Eastern Mediterranean.
Greenwood Fuels has perfected a process that converts industrial by-products otherwise destined for landfills into superior renewable fuels that can be used as a direct substitute for coal. The company serves a range of industrial customers and utilities from its 150,000 ton/year facility in Green Bay, Wisconsin.
The acquisition comprises the purchase of Greenwood Fuels LLC and its operating subsidiaries from Plainfield Asset Management LLC, which will retain a minority stake in the company. Libra has also committed substantial additional capital to support the growth of Greenwood Fuels. Commenting on the acquisition, Camilo Patrignani, Head of Americas for Libra, stated: “This is an exciting time for Libra and represents a first step in creating a wide-reaching renewable energy business platform in North America. Greenwood Fuels’ products show tremendous promise in addressing proven demand in this sector of the energy market. We will work with Greenwood Fuels to ensure it is well-positioned to implement the next phase of its growth strategy and will be looking to penetrate a number of key markets in the near future.”