Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, has announced the strategic acquisition of solar and battery development portfolios of Saturn Power, a developer, and operator of renewable energy projects.
The financial terms of the deal were not disclosed.
The deal portfolio includes a 1.4 GW pipeline of early to late-stage solar and energy storage projects in five U.S. states and two Canadian provinces. Ninety percent of the newly acquired solar and storage portfolio comprises community solar projects. It includes 72 solar projects and six battery storage projects.
With this acquisition, Greenwood aims to tap into the expertise of Saturn Power in renewable energy projects and the emerging market in energy storage, strengthening its development capabilities.
Greenwood Sustainable Infrastructure CEO 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 scale.
“With this acquisition, integrating 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.”
According to Mercom’s Q1 2023 Solar Funding and M&A report, 27 solar M&A transactions were recorded in Q1 2023 compared to 38 in Q4 2022 and 29 solar M&A transactions in Q1 2022. Recently, Ethical Power Development, a renewable energy developer and investor and a part of the Ethical Power Group, has acquired the development business of Public Power Solutions (PPS), including a pipeline of solar and energy storage projects with a potential capacity of over 250 MW.