Greenwood Energy, the North and Latin American clean energy division of the Libra Group, a privately owned international business group comprising 30 subsidiaries operating across five continents, today announced that it will expand its solar business by targeting constructionready distributed generation projects across the United States. Debt financing will be provided by funds managed by affiliates of Fortress Investment Group LLC (NYSE: “FIG”, Fortress).
Pursuant to the terms of the transaction, Fortress will provide financing for the construction and operation of new solar photovoltaic (PV) projects developed by Greenwood for commercial, industrial, utility, and municipal customers. Once commissioned, Greenwood will operate the assets and sell electricity through long-term power purchase agreements, as well as solar renewable energy credits when possible.
“We are thrilled to work with Fortress on this investment and solar business expansion,” said Camilo Patrignani, CEO of Greenwood Energy. “Solar power is an increasingly attractive investment, and in my opinion a leading, global firm like Fortress funding new capacity serves notice that distributed solar generation is on a clear path toward continued growth.”
Specific project locations and generation capacities will be determined as the partnership unfolds. Greenwood currently has a 300-megawatt (MW) U.S., project pipeline and has already undertaken 45MW of solar PV projects across the Northeast and Mid-Atlantic regions in 2014. The company also has a 3,000MW pipeline of solar PV projects across Latin America and the Caribbean.