Greenwood Sustainable Infrastructure, a subsidiary of the Libra Group that invests in and develops solar energy, has purchased a portfolio of solar developments from AquaSan Network, sub-subsidiary CMDAJ Holdings LLC. This acquisition allows GSI to offer up to 233 MW of affordable, utility-scale solar energy to new markets including Minnesota, Colorado and South Carolina.
GSI will initially develop 40 MW of utility-scale solar developments in Minnesota. It has the option to add 193 MW in South Carolina, Pennsylvania, South Carolina, and Wisconsin to double its current footprint to 10 U.S. States. Libra Group subsidiaries, including GSI will close to reaching the 1 GW development mark. This transaction will prove 950 MW in solar and wind, as well as more than 220 projects that are currently under development in six countries.
These developments will provide power to a mixture of regulated utilities and investor-owned utilities. They will enable them to purchase solar electricity to meet clean energy goals. The portfolio will increase access and reliability to clean energy, promote local job creation, and provide clean, reliable and sustainable 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.”
CMDAJ and GSI will co-own and co-develop the assets from this agreement. GSI plans construction and operation of the power plants once the projects have been completed.
“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.