Greenwood Sustainable Infrastructure (GSI), a clean energy subsidiary of the Libra Group, acquired a 233 MW portfolio of solar projects in the US from AquaSan Network-subsidiary CMDAJ.
Initially, GSI will develop 40 MW of early-stage utility-scale solar in Minnesota, with the option to build another 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 six countries.
“This is a very exciting announcement that will cement GSI’s growth plans to 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.
According to Mercom’s published Q4 2021 solar funding and M&A report, in 2021, the sector also saw the most project acquisition activity in terms of gigawatts, with more than 69 GW changing hands compared to 40 GW in 2020.
In February, CleanCapital, a clean energy investment platform, acquired 65.3 MW of solar portfolio from the developer BR Group. The portfolio spans 12 states of the U.S. and comprises 39 projects and 91 total sites ranging from 0.2 MW to 6.5 MW in size.