Greenwood Sustainable Infrastructure, a solar energy investment and development subsidiary of the Libra Group, has acquired a scalable portfolio of solar developments from AquaSan Network subsidiary CMDAJ Holdings LLC. This acquisition positions GSI to provide up to 233 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 1 GW development mark, with over 220 projects owned, currently under development or previously developed in six 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,” says Camilo Patrignani, Libra Group’s EVP of energy. “The company and this transaction represent a key part of the Libra Group’s commitment to renewable energy in the Americas and around the world.”
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,” comments Mazen Turk, GSI’s 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” states Carmine Iadarola, CEO of CMDAJ and AquaSan Network Inc.