Libra Group’s renewable energy subsidiary Greenwood Sustainable Infrastructure (GSI) has acquired 1.4GW of solar and battery development portfolios from renewable energy company Saturn Power.
The acquisition included 72 solar projects – of which 90% from community solar projects – and six battery storage projects. GSI planned to direct US$200 million of capital investment to bolster its North American operations, including building the acquired pipeline in the coming years.
After the acquisition, GSI’s footprint will expand to 12 states in the US, including New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia, and Washington, as well as Alberta and Saskatchewan in Canada.
“With this acquisition, the integration of both management teams will increase our capabilities in developing efficient, effective, and essential renewable energy projects nationwide. This also represents the next step in our goal to grow our pipeline to the 5GW mark of clean power by 2029,” said Mazen Turk, GSI’s CEO.
Manos Kouligkas, CEO of Libra Group, added: “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.”