The acquisition includes Saturn Powers team of seasoned developers and an approximate 1.4-gigawatt (GW) pipeline of early to late-stage solar and energy storage projects in five US states and two Canadian provinces.
Harnessing the expertise of Saturn Power, a leading developer and operator of renewable energy projects and leader in the emerging battery storage market, 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.
“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” said Chief Executive Officer of GSI Mazen Turk. “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 5 GW mark of clean power by 2029.”
The acquired pipeline includes 72 solar projects, 90 percent community solar projects, and six battery storage projects. The deal also adds skilled energy developers, engineers, and senior leaders, bringing GSI’s total headcount to more than 50 employees. GSI plans to direct $200 million of capital investment to bolster its North American operations, including building the acquired pipeline in the coming years.
Community solar projects are designed to democratise the availability of solar power generating capacity among individuals and businesses that have had restricted access to solar energy sources. In 2022, the US Administration announced an initiative to bring community solar to the US as part of the $1.2 trillion Bipartisan Infrastructure Law. GSI’s expertise in managing diverse solar projects in different settings will be put to good use with the new community solar portfolio.
“When we founded Saturn Power 16 years ago, our mission was to build an organisation that focused on developing a sustainable environment for future generations through the advancement of clean, renewable energy” added Doug Wagner, Co-Founder, President and CEO of Saturn Power. “I am immensely proud of what we have accomplished and am both honoured and excited that Saturn will be joining GSI, where we can leverage the experience and expertise of our dedicated team, helping to scale the business to provide more communities with access to renewable energy. By merging our respective teams, we will enhance our development, engineering and construction capabilities, providing a platform for further growth in the years ahead.”
GSI is one of four renewable energy subsidiaries of Libra Group, which include a presence in North America, Central America, and Europe. This acquisition takes the overall renewable energy portfolio of Libra Group to 3 GW of projects owned, developed, or pending development in eight countries.
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