Waterloo, ON — Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, has successfully closed a construction-to-term and Investment Tax Credit (ITC) bridge financing for its 100 MWac Turning Sun Solar Project, marking a significant milestone in the execution of its development portfolio.
The financing, arranged in partnership with The Ocean Man First Nation and led by Royal Bank of Canada (RBC) and Desjardins Group, underscores GSI’s ability to originate, structure, and close complex project finance solutions, while advancing long-term, partnership-driven infrastructure assets that generate stable, contracted cash flows and support continued portfolio growth.
This financing brings together more than CAD $200 million in private and public capital to support the project’s development, construction, and long-term operations, highlighting GSI’s ability to execute large-scale, complex renewable energy financings. The project directly supports Canada’s national objectives to accelerate renewable energy deployment, strengthen energy security, and advance economic reconciliation with Indigenous communities.
The financing was led by RBC, acting as Administrative Agent, Green Loan Structuring Agent, Coordinating Lead Arranger and Lender. Desjardins Group acted as Coordinating Lead Arranger and Lender to support the project’s financing needs.
The Turning Sun Solar Project is a 100MWac/129MWdc utility-scale solar facility located in the traditional territory of the Ocean Man Nakoda, and Rural Municipality of Estevan, in Saskatchewan, Canada. The project will operate under a 25-year Power Purchase Agreement (PPA) with SaskPower, Saskatchewan’s primary energy provider.
Road construction on Turning Sun Solar began in Q4 2025, with leading construction firm Barton Malow as the Engineering Procurement and Construction (EPC) contractor for the project, which will follow an 18-month build schedule.
“Reaching financial close on the Turning Sun Solar Project is a testament to our team’s dedication and the trust placed in us by our partners at RBC Bank and Desjardins Group,” said Mazen Turk, CEO of GSI. “This achievement not only strengthens our commitment to renewable energy but also reinforces our mission to deliver reliable, sustainable power to communities across Canada. We look forward to continuing our work with RBC and Desjardins Group and other partners to bring this transformative project to life.”
“RBC is proud to support projects like Turning Sun Solar that advance reliable, sustainable power across the country,” said Demetra Streda, Senior Vice President & Group Head, Corporate Client Group, Royal Bank of Canada. “By working alongside GSI, the Ocean Man First Nation, and Desjardins Group, we are helping bring critical renewable energy infrastructure to market while supporting long-term economic and community benefits. This work reflects our commitment to enabling the transition to a low-carbon economy by partnering with communities and clients to bring impactful, sustainable energy projects to life.”
“As an industry leader in sustainable financing, Desjardins is proud to have acted as the Coordinating Lead Arranger for Turning Sun Solar, our first renewable project in Saskatchewan. This deal demonstrates our ability to structure innovative financial solutions in support of large-scale projects that are driving the energy transition and contributing to local economies. We’re going to continue putting that expertise to work with our partners so we can keep building a prosperous, responsible future together,” said Jean-Yves Bourgeois, Executive Vice-President of Business Services, Desjardins Group
“The financial close for the Turning Sun Solar Project marks a truly historic day for the Ocean Man First Nation,” said Chief Ernest Standingready. “This milestone is a powerful demonstration of our community’s commitment to self-sufficiency and sustainable economic development. By working hand-in-hand with GSI, RBC, and Desjardins, we are not just building one of Canada’s largest solar facilities; we are building a legacy of clean energy, job creation, and environmental stewardship for our children and future generations.”
“Reaching financial close on the Turning Sun Solar Project is a significant milestone and a strong example of what can be achieved through long-term, collaborative partnerships,” said Camilo Patrignani, Head of Infrastructure at Libra Group. “By working closely with Ocean Man First Nation, Desjardins, and RBC, GSI is advancing a critical project that delivers clean energy while supporting local economic development and community priorities. This project reflects Libra Group’s commitment to building sustainable infrastructure that creates lasting value.”
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) 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 2025, the company has developed approximately 581 MWdc across 82 renewable energy projects, many of which are still owned or operated by GSI and have an additional project pipeline of 3.5 GW under development. GSI’s seasoned team has a proven track record of investing in power assets and partnering with multiple top-tier investors.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $511.9 billion as at September 30, 2025. It has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. It has also been recognized as one of the World’s Best Banks in 2025 by Forbes. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.
About Ocean Man First Nation
The Ocean Man First Nation is a Nakoda Government in southeast Saskatchewan. OMFN is led by Chief Ernest Standingready & Council and features a population of 580 members. Ocean Man First Nation created a renewable energy company in 2019 called Second Wind Power. The name Second Wind Power reflects Ocean Man First Nation’s history of relocating, re-establishing and starting over as a new community since 1989.
About Libra Group
Libra Group is a privately owned, global business group encompassing 20 businesses predominately focused on aerospace, renewable energy, maritime, real estate, hospitality, and diversified investments. 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. For more information, visit www.libra.com.
Lauryn Ostermaier
Director of Land Acquisition
Give us a brief overview of your role.
I’m the Director of Land Acquisition and no two days are ever the same. Over the past year, our work in land has grown far beyond traditional green fielding, expanding into title curative efforts and complex portfolio transactions. In my role, I collaborate closely with teams across Development, Legal and Finance, working to ensure every piece of the process aligns seamlessly. I also support contract management on the administrative side and play an active role in due diligence efforts throughout project sales processes.
Everyday brings new challenges and opportunities to problem-solve and drive results. It’s exciting to see how these efforts contribute directly to the company’s growth and success – and to work alongside a team that’s just as committed to excellence as I am.
What is the most memorable moment you have had working for GSI?
One of my favorite memories this year has to be our team-building event at the new office — the “GSI Olympics”! It was such a fun and engaging afternoon with teams competing in everything from Heads Up! and ping pong to Cornhole and even Nintendo games. The energy was contagious: everyone was smiling, competitive, and genuinely connecting with colleagues they don’t usually work with. It was light-hearted, lively, and easily the most fun team event I’ve experienced so far.
What led you to a career in land acquisition and what have you found rewarding from working in the renewables sector?
My career in land started completely by chance. While working in Economic Development for the Town of Ingersoll, I reached out to Ray Roth for a reference after applying to a role with another municipality. Instead of being a reference, he invited me to return to Saturn Power. The development team interviewed me and designed a Project Coordinator role. What was originally intended to be a development position quickly shifted to land on day one. From there, I worked hard, grew with the team, and eventually moved into management—today, I’m proud to serve as Director of Land Acquisition.
What makes the renewable energy space so exciting is that it’s always evolving. New technologies, storage solutions, data centers, and a constantly shifting landscape keep every day interesting. The work is challenging, engaging, and full of learning opportunities, with no two days ever the same—and that’s what makes it so rewarding.
Tell us one interesting fact about yourself that your colleagues might not know.
I was a competitive swimmer for many years, so being in and around the water has always been a big part of my life. Beyond swimming, I absolutely love anything outdoors on the water—especially fishing and boating. Most people wouldn’t expect me to spend hours casting a line and enjoying cottage life, but that’s exactly where you’ll find me every summer. There’s something the simple joy of being on the water that’s incredibly refreshing.
How do you spend your time outside of work?
Most of my free time is spent cheering on my kids, Madi and Luke, in their competitive sports! My son plays AAA hockey, and my daughter competes in horseback riding, which has us traveling year-round. I’m always right there behind the camera, capturing every exciting moment. Being part of their journeys is the best part.
What is one thing you’d like to cross off your bucket list?
My family and I have always wanted to travel overseas so we’re officially planning a summer 2026 to Ireland with a short stop in London. This is one for the books!
Rapid Fire Favorites
- Movie: Back to the Future
- TV Show: The Big Bang Theory
- Musician/Band: Foo Fighters
- Restaurant (City): South Coast Cookhouse (Crystal Beach, ON)
- Food: Pizza and wings
- Sports Team: Toronto Maple Leafs
New York, New York — Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, in partnership with Seminole Financial Services, today announced the successful refinancing of a 26MWdc solar project portfolio. This portfolio includes six unique projects located in New York, Vermont, and Florida.
The new financing totals approximately $22 million USD and marks one of the first waves of solar project refinances of this kind for GSI. The loan is structured with a 6-year term and a 20-year amortization, maturing in 2031.
This clean energy portfolio features standout sites including Elizabeth Mine in Vermont and the Stanton A and Stanton Landfill sites located on Orlando’s Utility Commission’s facility in Orlando, Florida, all of which were developed on former remediation sites. Additional sites in the portfolio include the Scotch Settlement Solar and the Lisbon East and West projects, all of which are located in New York State.
“This $22 million refinancing of our solar portfolio with Seminole Financial Services is an important milestone that demonstrates the strong long-term value and bankability of solar projects.” said Mazen Turk, CEO, Greenwood Sustainable Infrastructure. “This transaction strengthens GSI’s balance sheet, while also deepening our partnership with Seminole as we work together to support the next phase of growth in the U.S. renewable energy market.”
“By unlocking lower-cost capital on these operating assets, we’re demonstrating that well-structured, and managed solar investments continue to mature into highly attractive, low-risk infrastructure assets.” added Ahmar Zaman, CFO, Greenwood Sustainable Infrastructure.
Chris Diaz, co-CEO of Seminole Financial Services said, “The solar refinancing market is entering an exciting phase as thousands of projects reach operational maturity. Seminole is uniquely positioned to meet this demand with our deep sector expertise and flexible capital solutions. Our work with Greenwood on this $22 million transaction is a blueprint for how we’ll continue to scale in this market.”
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) 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 2025, the company has developed approximately 581 MWdc across 82 renewable energy projects, many of which are still owned or operated by GSI and have an additional project pipeline of 2.4 GW. GSI’s seasoned team has a proven track record of investing in power assets and partnering with multiple top-tier investors.
About Seminole Financial Services
Seminole Financial Services, LLC is a specialized renewable energy investment firm providing comprehensive financing solutions for distributed generation and mid-scale solar, wind, and battery storage projects. The company focuses on market segments often underserved by large financial institutions, offering tailored financing solutions designed to support successful project development and long-term deployment. Since 2009, Seminole has provided over $3 billion in financing across more than 2 GW of renewable energy projects, underscoring its commitment to advancing clean energy infrastructure nationwide. Seminole Financial Services, LLC is the operating entity for the six companies that, collectively, comprise The Seminole Companies. For more information, visit www.seminolefs.com or contact Chris Diaz, Co-CEO, at 727-460-0578.
Sydney Gibson
Corporate Marketing and Communications Coordinator
Give us a brief overview of your role.
I am the Corporate Marketing and Communications Coordinator, where I help manage GSI’s social media and internal team communications including our bi-monthly company newsletter. I work closely with the land and development team to create and edit any promotional materials, presentations, and documents for landowners and community members.
What is the most memorable moment you have had working for GSI?
Throughout my time at GSI, we’ve had several great team-building events, but the one in Kitchener-Waterloo in October of last year stands out as my favorite. It was such a fun and memorable experience getting to meet so many coworkers I had only spoken to virtually and finally connect in person. The day was filled with great conversations and friendly competition – especially during the go-karting. It was such a positive experience that really strengthened our sense of teamwork and made me feel even more connected to the GSI team.
What led you to a career in marketing and communications and what have you found rewarding from working in the renewables sector?
I’ve always loved studying design and human behavior, but psychology didn’t feel like the right fit for me, and I wanted to pursue a career that could adapt with me as my interests and skills change. Marketing seemed like the best opportunity for me to combine what I am passionate about with a practical, ever-evolving field of business.
Working in the renewables sector has been especially rewarding because it allows me to use those skills to make a positive impact. I’m passionate about the environment and driven by the urgency of addressing climate change, so contributing to an industry that’s creating real, measurable progress toward a cleaner and more sustainable future feels incredibly meaningful.
Tell us one interesting fact about yourself that your colleagues might not know.
I used to do synchronized and competitive swimming. My parents started me in swimming lessons when I was 6 months old, and it quickly grew into a lifelong love of the sport and being in the water. I don’t swim as often anymore because I haven’t had consistent access to a pool, but it is still one of my favorite hobbies.
How do you spend your time outside of work?
I love to go out in Toronto with my friends on the weekends and discover new restaurants and bars. Most of my other free time is spent with my family; we love TV and movies, so we are always watching something, and we also all love to cook so that makes for many amazing meals in our house.
What is one thing you’d like to cross off your bucket list?
I know it’s a classic response, but I would love to travel. At the top of my list is Europe – Greece, Italy, Spain, the UK, and anywhere else I could manage to get to. I was born and raised in the same place, so my dream is to branch out and see as much as I can of the rest of the world.
Rapid Fire Favorites
- Movie: The Final Destination Series
- TV Show: Yellowjackets
- Musician/Band: Noah Kahan
- Restaurant (City): Salt Wine Bar (Toronto)
- Food: Pasta
- City: Ucluelet (British Columbia)
Josh Dufek
LWEC Reliability Manager
Give us a brief overview of your role.
I am the Reliability Manager at L’Anse Warden Electric Company (LWEC). My primary focus is on the maintenance department at the facility, but with LWEC being a small-staffed power plant, my role expands to meet what is needed daily. I try to focus on identifying key problems in the plant and take those problems and plan the repairs to minimize cost, minimize down time, and maximize generation for years to come.
What is the most memorable moment you have had working for GSI?
My most memorable moment would be taking a risk and leaving everything I know to come work here. My dad always told me to focus on family, work hard, and to give 100% on everything you do. With starting at an entry level position and applying that advice and motto, I got offered an opportunity to show what I am capable of.
What led you to a career in production and quality control and what have you found rewarding from working in the renewables sector?
My journey to this career is a long one. I worked for 16 years for a construction company as a project manager/superintendent for building state funded road projects. I was required to be out of town, away from home, and a lot with punishing long hours. Once my wife and I started a family, it became much harder to leave. I started at LWEC as an entry level assistant operator and, through hard work, dedication, and some luck, this position found me.
This biomass plant is unique. It has its quirks – a lot of the equipment is from the 1950s. Everyday is different and every issue or repair is unique. The job is challenging and keeps you very involved. I like to avoid the mundane, so figuring out ways to fix or make things better is rewarding.
Tell us one interesting fact about yourself that your colleagues might not know.
I am a low-key history buff. I enjoy reading anything about ancient history and lost civilizations. Growing up, I always wanted to be an archeologist.
How do you spend your time outside of work?
I love spending time with my family. I have been blessed with an amazing wife and four beautiful kids, and I love the challenges of raising them and watching them learn and grow. I am very passionate about deer hunting and fishing as well. Not only do I hunt here in Michigan, but I also travel to several other states to hunt.
What is one thing you’d like to cross off your bucket list?
Traveling to Italy would be amazing. That entire southern Europe region would be awesome to see.
Rapid Fire Favorites
- Movie: American Sniper
- Tv Show: Game of Thrones
- Book: Storm before the storm by Mike Duncan
- Musician/Band: Morgan Wallen
- Restaurant (City): The English Inn (Fish Creek, WI)
- Food: Venison/Steak
- Sports Team: Detroit Lions
- City/Region: Pelkie, MI
Dan Crumrine
Senior Land Acquisition Specialist
Give us a brief overview of your role.
I am a land acquisition agent, so I work in many different US and Canadian markets and travel across the country. I engage with landowners and stakeholders to explain opportunities, build connections, and negotiate agreements such as leases and easements.
What is the most memorable moment you have had working for GSI?
Our recent company team-building events have been really memorable to me, especially since I live in Pittsburgh and don’t get to interact with my co-workers in person often. It has been nice to get to know everyone a little better and on a personal level. These events have truly strengthened the company culture and allow us all to feel more comfortable with each other.
What led you to a career as a land agent and what have you found rewarding from working in the renewables sector?
I got a geology degree in college and started working for a large service operator in the oil and gas industry. Then, I got the opportunity to do land work for a local land broker, and this is where I realized I had a knack for it. Soon after, the renewables industry started to expand very quickly and I was able to join Saturn Power, which was acquired by GSI in 2023, as a land agent. What I find exciting about the renewables sector is that it’s a very fast paced, growing industry with a lot of opportunities and investment potential.
Tell us one interesting fact about yourself that your colleagues might not know.
My wife and I are very excited as we’re expecting our first child – a little boy – any day now.
How do you spend your time outside of work?
I spend as much time as I can outdoors. I love hunting, fishing, and camping – these are my passions and what I love to do.
What is one thing you’d like to cross off your bucket list?
I really want to go on a moose hunting trip in Alaska.
Rapid Fire Favorites
- Movie: American Gangster
- TV Show: Curb Your Enthusiasm
- Book: American Buffalo by Steven Rinella
- Musician: Chris Stapleton
- Restaurant (City): Monterey Bay Fish Grotto (Pittsburgh)
- Food: Ribeye
- Sports Team: Pittsburgh Steelers
- City/Region: Rocky Mountains
Calgary, Alberta — Greenwood Sustainable Infrastructure (GSI) has expanded its renewable energy pipeline with the strategic acquisition of the 556 MWdc Homestead Solar Project in Alberta, Canada, from Kiwetinohk Energy (KEC).
Ranked as one of the largest solar projects in Canada, Homestead Solar will boost GSI’s renewable energy pipeline to contain approximately 2.1 GWdc of solar development along with 340 MW of battery energy storage projects across the continent.
Located in the Municipal District of Willow Creek, southeast of Claresholm in southern Alberta, the Homestead Solar project is one of Canada’s largest solar developments, sharing second place and ranking among North America’s top in-development solar initiatives.
To enable the long-term success of this project, GSI will continue to collaborate with key stakeholders who have been engaged from the onset with the purpose of ensuring a seamless transition and successful execution of the Homestead project.
“The acquisition of the Homestead Solar Project represents a significant milestone in expanding GSI’s clean energy presence within the Canadian market,” said Mazen Turk, CEO of Greenwood Sustainable Infrastructure. “With talent and perseverance at the core, the GSI team is driving our bold growth across North America’s clean energy market.
One of the renewable energy subsidiaries of Libra Group, a global business group whose subsidiaries have assets and operations in nearly 60 countries, GSI leverages global expertise and strategic support to deliver high-impact renewable energy projects.
Camilo Patrignani, Head of Infrastructure for Libra Group, stated, “GSI’s acquisition of the Homestead Solar Project is a testament to their leadership and our shared commitment to advancing renewable energy around the world. Supported by rigorous due diligence, risk mitigation strategies and an expert deal team, GSI is well positioned to successfully navigate this acquisition and this project’s complexities to prepare for construction.”
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) 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 2025, the company developed approximately 581 MWdc across 82 renewable energy projects, many of which are still owned or operated by GSI and have an additional project pipeline of 2.4 GW. GSI’s seasoned team has a proven track record of investing in power assets and partnering with multiple top-tiered investors.
About Libra Group
Libra Group is a privately owned, global business group encompassing 20 businesses predominately focused on aerospace, renewable energy, maritime, real estate, hospitality, and diversified investments. 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. For more information, visit www.libra.com.
Nicole Duchesne
Legal Counsel
Give us a brief overview of your role.
As Legal Counsel, I provide full-service legal support across all departments of the company. My responsibilities shift depending on what is required on any given day, whether that involves reviewing contracts, advising on land or project development, or collaborating with other teams to address legal matters. The variety of the work keeps things interesting and is one of the aspects I enjoy most about the role.
What is the most memorable moment you have had working for GSI?
One of my most memorable experiences so far has been working on large-scale renewable energy projects. They are among the most impactful developments I have been involved in, both in terms of their scale and their environmental focus. Being part of initiatives with ambitious sustainability goals has made the experience incredibly rewarding. It is exciting to contribute to work that will have a meaningful, long-term impact.
What led you to a legal career and what have you found rewarding from working in the renewables sector?
My journey to law was not a traditional one. I began my academic path in commerce, specializing in accounting, and went on to complete my graduate studies in that field. However, during my undergraduate degree I had taken several corporate law courses that sparked my interest and that ultimately led me to law school. I started my legal career working in tax and estates law because of my accounting background, but I found myself looking for ways to expand my horizons beyond these limits. Renewable energy and environmental advocacy has always been an interest of mine and I was excited to break into this field when I joined GSI and switched to renewable energy law. It has been a refreshing transition to pivot to this new career path.
Tell us one interesting fact about yourself that your colleagues might not know.
I love a good adventure trip! Soon I will be crossing off a bucket list item with a two-week trek in Botswana where I will be camping in the wild among the animals in their natural habitat, and I could not be more excited. I do not think many people know where I am heading, so this might be an interesting fact.
How do you spend your time outside of work?
I enjoy staying active and spending time outdoors. I horseback ride regularly, and my two-year-old dog keeps me busy with daily walks. My husband and I also enjoy playing tennis, and our home backs onto a wooded area where we often go hiking as a trio. Being in nature and staying active are an important part of my routine outside of the office.
What is one thing you’d like to cross off your bucket list?
Visiting Antarctica is very high on my bucket list. I have always wanted to experience its wildlife and unique landscapes and am especially excited about the possibility of seeing penguins in the wild. I am passionate about animals and hope to continue checking off travel experiences like gorilla trekking in Rwanda or a horse safari in Mongolia. This upcoming trip to Botswana is hopefully just the beginning!
Rapid Fire Favorites
- Movie: Mamma Mia!
- TV Show: Friends
- Musician/Band: Ed Sheeran
- Restaurant (City): L’Oree Du Bois (Chelsea, QC, just outside Ottawa)
- Food: Chocolate anything
- City: Cusco, Peru
Together, GSI and Ocean Man First Nation are excited to announce the rebranding of the Iyuhána Solar project to Turning Sun Solar. This change reflects a renewed commitment to the partnership following the election of Chief Ernest Standingready and the new Council of Ocean Man First Nation in June 2025.
This 100 MW utility-scale solar project in southeast Saskatchewan, among Canada’s top 10 by size, will power the equivalent of approximately 25,000 homes under a 25-year PPA with SaskPower.
With this rebranding, GSI has updated the project specific social media platforms on Facebook and Instagram to reflect the Turning Sun Solar name. We have also launched the updated project website at www.turningsunsolar.ca.
With continued progress towards the commencement of construction in Q4 2025, Turning Sun Solar reflects our shared commitment to sustainable energy, responsible stewardship of the land and driving economic and social prosperity in communities across Canada.
As the North American renewable energy subsidiary of Libra Group, GSI, alongside Ocean Man First Nation, is proud to advance Saskatchewan’s clean energy goals.
For more information on GSI, visit: www.greenwoodinfra.com.
For more information on this groundbreaking project, visit www.turningsunsolar.ca
New York, NY – Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, announced the closing of a development credit facility with NYCEEC. The facility, with a total capacity of up to $10 million USD, will support development costs for solar projects across the Northeast and Mid-Atlantic regions of the United States.
The credit facility marks a significant expansion from GSI’s prior financing arrangements and provides flexible financing for a broader range of development expenses, while supporting projects in multiple states.
Current projects financed under the facility are located in New York, Illinois, and Pennsylvania, with potential expansion into additional US markets pending further diligence. The closing process is structured in two parts, allowing for the inclusion of additional markets and projects in the near future, further strengthening GSI’s regional footprint.
“Our partnership with NYCEEC on this credit facility provides the financial flexibility needed to scale solar development across priority U.S. markets,” said Mazen Turk, CEO of Greenwood Sustainable Infrastructure. “It reinforces both organizations’ commitment to advancing sustainable energy while ensuring that impactful renewable projects move from concept to reality.”
“GSI’s ability to attract innovative capital partners, such as NYCEEC, is a testament to the quality of our pipeline as well as our team’s execution capabilities.” said Ahmar Zaman, CFO of Greenwood Sustainable Infrastructure. “We look forward to the success of this new stage of our long-standing relationship with NYCEEC.”
This transaction represents NYCEEC’s first foray into solar development financing, building on its extensive experience in other clean energy projects. “NYCEEC is excited to support GSI’s innovative solar initiatives, marking a significant step in our mission to deliver financing solutions and advance markets for energy efficiency and clean energy in communities.” said Curtis Probst, CEO, NYCEEC
The partnership between GSI and NYCEEC highlights a shared commitment to expanding access to clean energy and fostering sustainable development across the United States. As GSI continues to grow its portfolio, this credit facility positions the company to deliver high-impact solar projects that contribute to a cleaner, more sustainable energy future.
For more information about Greenwood Sustainable Infrastructure and its renewable energy initiatives, visit www.greenwoodinfra.com.
About Greenwood Sustainable Infrastructure (GSI)
GSI, a subsidiary of Libra Group, is a renewable energy company focused on developing, constructing, and operating utility-scale solar and battery storage projects across North America. With a portfolio of approximately 388 MW of renewable energy projects and a pipeline of 2.3 GW, GSI is dedicated to advancing sustainable energy solutions.
About NYCEEC
NYCEEC is a nonprofit green bank sourcing funds from the public, private, and philanthropic sectors to support community clean energy projects through debt financing. Launched in 2010 by the New York City Mayor’s Office, NYCEEC has since expanded its geographical reach throughout the Northeast and Mid-Atlantic regions. To learn more about NYCEEC’s team and its Board of Directors, visit their website at www.nyceec.com.