[December 29, 2014, New York, New York] — Greenwood Energy, now Greenwood Sustainable Infrastructure (GSI), today announced that it will expand its solar business by targeting construction-ready 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 45 MW of solar PV projects across the Northeast and Mid-Atlantic regions in 2014. The company also has a 3,000 MW pipeline of solar PV projects across Latin America and the Caribbean.
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.