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.