Greenwood Energy to bet on US DG solar with Fortress backing
Solar system. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.
Dec 31, 2014 - US renewable energy firm Greenwood Energy plans to expand its distributed generation (DG) solar project activities in the US with the financial support of Fortress Investment Group LLC (NYSE:FIG).
On Monday, the company said it will use debt financing from funds managed by Fortress affiliates for the construction and operation of photovoltaic (PV) parks for commercial, industrial, utility, and municipal customers. Once completed, Greenwood Energy will operate the plants and sell the generated power under long-term power purchase agreements (PPAs), as well as solar renewable energy credits when possible.
The capacities and location of the distributed generation solar systems are yet to be determined, Greenwood said. It mentioned that it will be targeting construction-ready projects.
The company, a subsidiary of privately-held Libra Group, has a 300-MW project pipeline in the US and is working on 3,000 MW of renewable energy schemes in Latin America and the Caribbean.