Greenwood Sustainable Infrastructure (GSI) has announced the strategic acquisition of the solar and battery development portfolios of Saturn Power.
This includes its team of developers and an approximate 1.4GW pipeline of early to late-stage solar and energy storage projects in five US states and two Canadian provinces.
The acquired pipeline includes 72 solar projects, 90% community solar projects, and six battery storage projects.
The deal allows GSI to substantially bolster its development capabilities, building on over a decade of experience investing, developing, and overseeing the operations of clean energy projects.
It also expands GSI’s footprint from seven to 12 US states, which will now include New York, Massachusetts, Vermont, Florida, Minnesota, Michigan, Colorado, Illinois, New Mexico, Pennsylvania, Virginia, and Washington, as well as Alberta and Saskatchewan in Canada.
Chief executive of GSI Mazen Turk said: “We are delighted to welcome members of Saturn Power’s expert team to help us develop a stronger renewable energy business capable of transforming communities at pace and at scale.
“With this acquisition, the integration of both management teams will dramatically increase our capabilities in developing efficient, effective, and essential renewable energy projects nationwide.
“This also represents the next step in our strategic goal to grow our pipeline to the 5GW mark of clean power by 2029.”
GSI plans to direct US$200 million of capital investment to bolster its North American operations, including building the acquired pipeline in the coming years.