Greenwood Energy, the North and Latin American clean energy division of the Libra Group, is expanding its solar business by targeting construction-ready distributed generation (DG) projects in the U.S.
Debt financing will be provided by funds managed by affiliates of Fortress Investment Group LLC. Pursuant to the terms of the transaction, Fortress will provide financing for the construction and operation of new solar photovoltaic 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,’ says 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 MW U.S. project pipeline, including 45 MW of solar PV projects across the Northeast and Mid-Atlantic regions undertaken this year. The company also has a 3,000 MW pipeline of solar PV projects across Latin America and the Caribbean.Â