GSI Announces a Transaction that Doubles Renewable Energy Portfolio Footprint in North America Reaching a Fifth of U.S. States.
[February 28, 2022, New York, New York] Today, Greenwood Sustainable Infrastructure (www.greenwoodinfra.com), GSI, announced it has taken a step towards providing more affordable, reliable, and clean access to energy for Americans. The North American solar energy investment and development subsidiary of Libra Group announced that it has acquired a scalable portfolio of solar developments from AquaSan Network-subsidiary CMDAJ Holdings LLC (CMDAJ). This acquisition positions GSI to provide up to 233 megawatt (MW) in affordable, utility scale solar energy to new markets, including Minnesota, Colorado, Pennsylvania, South Carolina, and Wisconsin.
Initially, GSI will develop 40 MW of early-stage utility scale solar developments in Minnesota, with the option to build an additional 193 MW in Colorado, Pennsylvania, South Carolina, and Wisconsin, doubling its current footprint to 10 U.S. states. Following this transaction, Libra Group subsidiaries, including GSI, will be close to reaching the 1 GW development mark, proving 950 MW in solar, wind and waste-to-energy with over 220 projects owned, currently under development, or previously developed in 6 countries.
These developments will provide power to a combination of regulated utilities, investor-owned utilities and U.S. businesses allowing them to purchase solar energy to meet clean energy goals and lock in reduced electricity costs. The portfolio will increase access to reliable, clean energy and promote local job creation and the provision of clean, reliable and renewable water.
“We were proud to partner with CMDAJ, a team of experienced renewable energy and water project developers in Denver Colorado, to complete this deal which will increase access to reliable, clean energy and promote local job creation,” said Camilo Patrignani, Libra Group EVP of Energy. “The company and this transaction represent a key part of Libra Group’s commitment to renewable energy in the Americas and around the world.”
The U.S. renewable energy market is a multibillion-dollar sector. A global focus on clean power, where many U.S. developers lead the field, has given rise to new solutions with improved technology offering greater efficiencies year upon year. The assets from this deal will be co-owned and co-developed by the GSI and CMDAJ partnership. Once the projects are ready to build, GSI plans to construct and operate the power plants.
“This is a very exciting announcement that will cement GSI’s growth plans hand in hand with CMDAJ, and continue to support and advance the nation’s transition to a reliable, clean energy future,” said Mazen Turk, GSI CEO. “Since the start of operations in 2010, GSI has developed and built over 32 renewable energy assets and this acquisition furthers our exposure to the utility scale energy segment.”
“CMDAJ’s team has developed over 2 GW of thermal, solar, biomass and wind projects over the last 20 years and this partnership will enable us to expand our development portfolio and vertically integrate our efforts in renewable energy and water” said Carmine Iadarola, CEO of CMDAJ and AquaSan Network, Inc.
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) (www.greenwoodinfra.com) is one of the clean energy subsidiaries of Libra Group. GSI is a renewable energy company 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 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 (www.libra.com) 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, and 10 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, while mitigating risk. Today, Libra’s Social Responsibility Programs include 10 social initiatives created to address unmet needs and grantmaking that helps people worldwide.
Aquasan is a family-owned business based in Denver, CO. With almost 40 years of experience developing energy and water infrastructure, SolarGen has developed 1,100 MWs of natural gas power, 1,000 MWs of wind, and 500 MWs of solar. As of October 2022, the company is actively developing over 500 MW of power across the United States.
GSI will focus on interrelated energy, waste and water investments
NEW YORK, NY – May 7, 2020 – Investment managers behind the world’s first fully solar-powered amusement park and the first U.S. wind project repowering announced today they have merged to create Greenwood Sustainable Infrastructure LLC (“GSI”), which will focus on developing, managing and investing in projects encompassing the three interrelated sectors of energy, waste and water.
GSI combines investment managers GoldenSet Capital Partners LLC and Greenwood Energy, a Libra Group subsidiary, offering collectively nearly 100 years of experience and a focus on sustainable infrastructure projects since 2009. That includes creating 17 portfolio companies consisting of 90 wind and solar projects producing roughly 300 megawatts, establishing a methodology that will now be applied to the considerable market opportunity in North America.
GSI’s projected portfolio will feature renewable power generation and storage, recycling, water treatment and filtration and other technologies that preserve oceans and waterways while reducing greenhouse gas emissions and waste.
“Together, we will help shape a clean economic future by developing and investing in multiple small to mid-size projects that together can serve our communities and make widespread infrastructure decarbonization and resiliency a reality,” said Everett Smith, who founded GoldenSet Capital Partners and is now leading GSI as its managing partner. “Our sustainable infrastructure strategy can offer reliable returns amid broader market volatility, along with quick lead times and economic activity in areas affected by recession and unemployment.”
The GSI leadership team’s track record includes New Jersey’s largest behind-the-meter commercial and industrial solar project at Six Flags Great Adventure, the world’s first fully renewable energy-powered amusement park. It also includes (at time of construction) the largest solar project in Vermont – located at a former copper mine and EPA Superfund site – and the largest rooftop solar power project in Massachusetts, as well as the first U.S. wind project repowering.
“We have decades of experience identifying, developing and managing sustainable infrastructure projects in previously untapped areas,” Smith said. “We invest across the entire project lifecycle and understand the risks inherent in each phase, something that few investors have the experience to do consistently and successfully. This adds up to greater financial returns and a growing number of the kinds of sustainable infrastructure projects that can be aggregated to build larger portfolios that have even greater impact.”
GSI’s investment managers will continue their focus on small- to midsize projects using proven technology, emerging business models and innovative financing structures often overlooked by others, while broadening sustainable infrastructure investing beyond renewable energy to include efforts to clean up water and reduce and reuse waste.
GSI will be a member of the Libra Group, a privately-owned international business group that is active in 35 countries and focused principally on energy, hospitality, real estate, shipping and aviation. In addition to its solar and wind energy experience in the Americas, the group has invested in solar energy parks, wind farms and biogas production facilities in Europe.
Smith, whose 40 years’ experience in energy and infrastructure investment includes more than 15 years in a variety of senior positions at GE Capital, will be joined by a team led by GoldenSet Partner Robert Pryor and Greenwood Energy Asset Management and Business Development Director, Mazen Turk. GSI’s board and senior advisors will include Libra Chief Strategy Officer Phaedra Chrousos and General Counsel Bert Diaz.
Ben Finzel, RENEWPR, 202-277-6286, firstname.lastname@example.org
Darren Goode, Goode Impact, 202-550-6619, email@example.com
About Greenwood Energy and the Libra Group
Before the creation of Greenwood Sustainable Infrastructure, Greenwood Energy developed five portfolios of solar energy facilities spanning Delaware, Florida, Hawaii, Massachusetts, New York, North Carolina and Vermont. The customers for these facilities include municipalities, universities and utilities. Its sister company, Greenwood Energy Latinoamérica, continues to focus on solar energy projects in Central America. Both companies are part of the global energy operations of the Libra Group, a privately owned international business group that is active in 35 countries across six continents. It is focused on six core sectors: aviation, energy, hospitality, real estate, shipping and diversified investments. In Europe, the group has invested in solar energy parks, wind farms and biogas. www.libra.com
About GoldenSet Capital Partners
GoldenSet Capital Partners is a specialist investor in sustainable infrastructure. Focused on the clean energy, sustainable resource, and water sectors, GoldenSet has invested project equity and structured capital across development, construction, and operation cycles. With a deep understanding of energy and infrastructure trends, GoldenSet seeks to gain a first mover advantage in key infrastructure growth sectors. These growth areas have included distributed solar, wind repowering, residential solar, energy storage, and, most recently, blue (ocean) infrastructure. GoldenSet’s proven investment strategy is based on being an active investor, owner, and partner who builds individual projects and aggregates them into more valuable portfolios in a repeatable and scalable process.
Greenwood Energy, now Greenwood Sustainable Infrastructure (GSI), has released drone film footage of its 4.8 Megawatt solar project in Lisbon, NY, which occupies around 60 acres. It is expected to produce approximately 12 million kilowatt-hours during its first year of operation.
[August 31, 2018, New York, New York] — Located in Lisbon, New York, Lisbon East and Lisbon West total 4.8 MW DC and sell net metering credits to the City of Utica under a long-term Solar Power Services Agreement. The projects are located on 2 adjacent 30-acre sites and use JA solar modules and Sungrow inverters. Both projects began operating in August 2018.
[August 22, 2018, New York, New York] — Greenwood Energy (www.gwenergy.com), now Greenwood Sustainable Infrastructure (GSI), the North American solar energy investment and development subsidiary of Libra Group, has completed two solar project portfolio financings with ORIX Corporation USA (ORIX USA). Greenwood Energy was advised during the transaction by Marathon Capital.
The U.S. renewable energy market is a multibillion-dollar sector. A global focus on clean power, where many U.S. developers lead the field, has given rise to new solutions with improved technology offering greater efficiencies year upon year. Greenwood Energy has been operating in the clean energy industry sector since 2010 and has developed 36 solar energy projects across eight U.S. states in excess of 100 MW. The company represents a key part of Libra Group’s commitment to renewable energy in the Americas. ORIX USA has been investing in the U.S. solar industry since 2015, with a focus on the commercial, industrial and small utility-scale sub-sector.
Greenwood Energy Managing Director Jon Cole commented, “This commitment by ORIX USA represents a strong endorsement of Greenwood Energy and its commercial strategy for solar energy in the U.S. The U.S. energy market offers exceptional growth potential at an unprecedented moment for clean technologies. We look forward to capitalizing on this opportunity and working closely with ORIX USA as our business develops.”
“ORIX Corporation has a long history of investing in a broad array of infrastructure assets globally — including renewable energy generation,” said Josh Herlands, head of infrastructure and renewable energy at ORIX USA. “We are excited to work with Greenwood Energy on this project and other potential solar projects as these investments are synergistic with our U.S. solar investment strategy and our corporate purpose to steward a better tomorrow.”
About Greenwood Energy
Greenwood Energy (www.gwenergy.com) is one of the clean energy subsidiaries of Libra Group (www.libra.com), a privately owned international business group spanning 35 countries across six continents and active in renewable energy, aviation, hospitality, real estate and shipping as well as selected diversified investments. Greenwood’s business is focused on investment, development, and operation of utility-scale solar energy projects. Its sister company, Greenwood Energy Latinoamérica (www.greenwoodlatam.com), provides on-site solar energy systems for public and private sector organizations wishing to offset their energy costs. Libra Group also owns a manufacturer of clean-burning engineered fuel in the USA, and has investments in power and steam generation facilities, including biogas plants in Latvia. Libra subsidiary, EuroEnergy, operates solar farms and wind parks across Europe.
ORIX Corporation USA (ORIX USA)
Since 1981, ORIX USA has provided innovative capital solutions that clients need to propel their business to the next level. ORIX USA and its subsidiaries—Boston Financial Investment Management, Lancaster Pollard, Mariner Investment Group, RB Capital and RED Capital Group—include a team of more than 900 employees spanning more than 30 offices across the U.S. and Brazil. ORIX USA and its family of companies have $57 billion of assets under management, administration and servicing (including $8.6 billion held by the company and its subsidiaries). Its parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 38 countries and regions worldwide. Through its business activities, ORIX has long been committed to corporate citizenship and environmental sustainability. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information on ORIX USA, visit www.orix.com.
Ben Finzel, RENEWPR
On Thursday, December 7th, 2017, Greenwood Energy, now Greenwood Sustainable Infrastructure (GSI), attended the dedication of the Kenneth P. Ksionek Community Solar Farm, the Orlando Utility Commission’s (“OUC”) most recent addition to its solar generating resources.
The Kenneth P. Ksionek Community Solar Farm is two solar arrays totaling 12.57 MW DC and it is named after OUC’s current General Manager and CEO. It is located at OUC’s Stanton Energy Center. One part is installed atop a closed byproduct landfill using ballasted foundation while the other array is traditional ground mount. Both are fixed tilt PV and in total comprises 37,500 solar modules. All electrical output is sold to OUC under two long-term Power Purchase Agreements.
At the dedication ceremony remarks were given by Gregory Lee, OUC’s Board President, the Honorable Teresa Jacobs, Mayor of Orange County, and the Honorable Buddy Dyer, Mayor of the City of Orlando. Closing remarks were given by Kenneth Ksionek.
Private development of the projects began in 2014 by American Capital Energy, Inc. (ACE), who was awarded the rights to build the project by OUC following an RFP process. In 2016, Greenwood Energy assisted ACE and OUC with the final development of the project. Prior to construction, Greenwood Energy acquired the rights to the project and they continue to own and operate it. Construction was undertaken by Manhattan Construction beginning in October 2016 and the project achieved Substantial Completion in September 2017.
The addition of the project has doubled OUC’s solar capacity and is expected to generate enough energy to power around 1,300 homes per year. Energy from the project is being used to expand OUC’s community solar program, an option that allows OUC customers to access affordable clean energy without the up-front costs and restrictions associated with installing solar on their home or business. As it has done for existing solar farms, OUC will provide live production status for the Kenneth P. Ksionek Community Solar Farm on its website.