Adam Branovan
Analyst
Give us a brief overview of your role.
I started at GSI in May of 2022 as a financial analyst. Broadly, my job is to drive the financial modeling behind a lot of the development and investment decisions. That applies throughout the development or operating process, such as the early stages, where we’re trying to evaluate new projects and markets based on early research and experience in similar markets. I also provide support in the later stages, where we already have a lot of information about a particular project, and we need to determine the next steps in the development process. On that end, I also help with preparing items to facilitate lending or tax equity.
What is the most memorable moment you have had working here?
The day the acquisition of Saturn Power closed was probably the busiest and most memorable. Everyone was wearing a bunch of hats because we all had our normal day-to-day work to do on top of all the last-minute work that goes into finalizing documentation and wrapping up the acquisition. And then, on my end, part of my responsibility was facilitating the press release and website changes, which was new for me. So, I think the most memorable moment was when that finally closed, and then we could all put the laptops away and relax for a moment.
What led you to a career in finance, and more specifically in the renewables sector?
I had taken a couple of classes that I really liked in college that led me in that direction. I took a class called impact investing, a type of niche investment industry where you’re focused on investing in companies with a particular social or environmental impact. I really enjoyed this and found it interesting. The class was unique in that we were able to act as Angel Investors to invest part of the college’s endowment in environment focuses companies. I really liked that process and the marrying of the financial and environmental analysis. After college, I started working at a real estate investment company, which was my first exposure to project finance. And then, when I saw this opportunity, I thought it was a really good way to combine the infrastructure finance part with my interests in renewables.
Tell us one interesting fact about yourself that your colleagues might not know.
I’ve been learning to play guitar for the last year, and I’ve really been enjoying it. I’m mostly teaching myself, but I have a couple of friends who help me out with it. Generally, I just find a few songs that I like listening to and look up the chords for them and try to figure it out from there.
What is the main thing that you would like to cross off your bucket list?
Heli-skiing is a big one on my bucket list. It’s basically skiing in a remote, backcountry area where you have to get helicoptered in. That’s a big dream for me, for sure.
How do you relax outside of work?
I have a few hobbies I like to do in my free time, like playing guitar or playing chess in the park – I do that a couple of times a week. I also have quite a few friends who live really close by too, so I hang out with them a lot.
What is a personal accomplishment that you are really proud of?
My friend and I started a ski club at my college, where we convinced the school to give us funding so that we could set up ski trips and lessons for beginners who had never skied before.
Rapid Fire Favourites
- Movie: Spider-man: Into the Spider-Verse
- Book: Ender’s Game by Orson Scott Card
- Musician: Hozier
- Restaurant (City): Suraya (Philadelphia)
- Food: Bagels
- City: Melbourne, Australia
Parth Sheta
Energy Storage Engineer
Give us a brief overview of your role.
I joined the organization two years ago as an energy storage engineer. My main role involves designing for both solar and storage projects. The design incorporates transformer size, cable size, and many other components. I deal with the interconnection applications for various states from the submission stage up until we receive the cost estimate. On certain projects, I assist with commissioning relays, and I often help with maintenance in terms of engineering support.
What led you to a career in Engineering, and more specifically in the renewables sector?
I was always interested in engineering, so I studied electrical engineering in college. It was a simple decision for me – engineering is what I know. In terms of the renewables sector, my last job involved designing parts and conducting arc flash studies. One project brought to our company was the design of a rooftop solar system for one of the sites. I found this really interesting and was fascinated by working on solar sites. After this, I began looking for another job opportunity at companies within the solar or renewables sector.
Tell us one interesting fact about yourself that your colleagues might not know.
I’m a big foodie; I don’t think many people know that about me. My favourite spots to go to are probably Mexican joints. Thankfully my wife is an amazing cook because I don’t cook much.
What is the main thing that you would like to cross off your bucket list?
I want to go skydiving. About a year and a half ago, I went bungee jumping, and I feel like skydiving would be more challenging. I wasn’t scared of heights at all before I went bungee jumping, but now I’m a little more scared, but that’s what makes it so much more fascinating. Maybe one time, when I go home to India, I’ll visit Dubai and go skydiving.
What is your favorite way to spend your free time?
I like to spend my free time with my family and friends, just hanging out with good conversation and a glass of beer. I love to listen to music as well; I’m a big fan of Bollywood music. I like A.R. Rahman – he’s an artist from the movie Slumdog Millionaire. I also love sports. I play cricket, volleyball, badminton, table tennis, and sometimes basketball. I like to play any sport and try new ones. I haven’t had any training or been on official teams, but I do sports often in my free time.
What is a movie that you never get tired of rewatching?
One of the movies I recently watched was An Unfinished Life with Morgan Freeman and Jennifer Lopez. It was a bit slow, but I liked how heartfelt it was; I like movies with strong emotional connections. Interstellar is also a great movie. I typically rewatch comedies like We’re the Millers when they come on TV because those are ones you can never get bored with.
If you could only get delivery or takeout from one local restaurant for the next 3 months, what spot and meal are you picking?
Maybe gnocchi from Scaddabush. I really love it with pesto.
X-Caliber Rural Capital (“XRC”) and L’Anse Warden Electric Company (“LWEC”), a subsidiary of Greenwood Sustainable Infrastructure (“GSI”), have closed on a refinancing for LWEC’s biomass power plant located in Michigan’s Upper Peninsula (“UP”).
This refinancing, in part backed by the USDA’s Business & Industry (“B&I”) loan program, enabled LWEC to refinance short-term financing, which was utilized for various capital improvements and investments to the plant.
In addition to providing a competitive long-term financing solution, the transaction will enable a continued positive impact on the UP’s rural community economy.
LWEC’s biomass plant will continue to provide reliable baseload power to the UP’s grid and support the region’s energy infrastructure. This is all made possible through the experience, dedication, and expertise of the local workforce.
Working with XRC has allowed LWEC to access financing with impact – an effective solution for the good of the community, including local job creation and retention.
X-Caliber Rural Capital’s B&I program supports many rural business development projects, including business expansion, business acquisition, equipment purchases and installation, and working capital.
This transaction outlines how USDA programs support job retention and creation in rural communities nationwide.
LWEC’s commitment to providing renewable energy throughout our community and region remains steadfast, and this collaboration with XRC will further strengthen that commitment for the foreseeable future. LWEC and GSI are thankful for XRC’s partnership and advocacy and look forward to working with them in the years ahead.
Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, is officially announcing its Canadian Office location. This is part of the recent strategic acquisition of Saturn Power, including their roster of seasoned developers and their solar and battery development pipeline.
The office, located in the picturesque community of Baden, which is part of Waterloo Region, Canada’s renowned technology epicenter, will host a number of GSI team members and will serve as an ongoing hub of development for their North American operations.
“As we continue to expand its reach throughout North America, enhancing our Canadian presence will enable GSI’s team to increase its capabilities in developing essential renewable energy projects in this burgeoning market.” said Mazen Turk, GSI’s Chief Executive Officer. “Establishing a Canadian office is the first step in what promises to be a period of growth and progress over the coming weeks and months for GSI, as we strive towards our strategic goal of growing GSI’s renewable energy pipeline in North America.”
Libra Group subsidiary acquires 1.4 GW pipeline of solar and energy storage projects and adds team of seasoned Canadian developers, increasing GSI’s presence to 12 U.S. states and Canada
[April 12, 2023, New York, New York] — Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, has announced the strategic acquisition of the solar and battery development portfolios of Saturn Power, including its team of seasoned developers and an approximate 1.4-gigawatt (GW) pipeline of early to late-stage solar and energy storage projects in 5 U.S. 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 7 to 12 U.S. 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% 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 democratize the availability of solar power generating capacity among individuals and businesses that have had restricted access to solar energy sources. In 2022, the U.S. Administration announced an initiative to bring community solar to the U.S. 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 organization that focused on developing a sustainable environment for future generations through the advancement of clean, renewable energy” said Doug Wagner, Co-Founder, President and CEO of Saturn Power. “I am immensely proud of what we have accomplished and am both honored 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.
Manos Kouligkas, Chief Executive Officer of Libra Group, stated, “This acquisition is significant, not just for its scale, but for the signal it sends that renewable energy projects continue to be sound financial investments with strong returns and multiple economic, social, and environmental benefits.” He continued, “The opportunities provided by community solar projects will not only help the U.S. to achieve its carbon reduction commitments, but will create essential new jobs to serve the green economy. With assets and a pipeline of projects, GSI is positioned to be one of the leading privately owned renewable platforms in the United States.”
About Greenwood Sustainable Infrastructure
Greenwood Sustainable Infrastructure (GSI) (www.greenwoodinfra.com) is one of the clean energy subsidiaries of Libra Group. GSI is a renewable energy company focused on the development, construction and operation of distributed generation and utility-scale solar energy and battery storage projects in North America. As of March 2023, the company developed approximately 178 MW across 43 renewable energy projects, many of which are still owned or operated by GSI, and has an additional project pipeline of 1.6 GW. GSI’s seasoned team also has a proven track-record investing in power assets and partnering with multiple top-tiered investors.
About Libra Group
Libra Group (www.libra.com) is a privately owned, global business group that encompasses 30 operating entities: 20 businesses predominately focused on aviation, renewable energy, maritime, real estate, hospitality, and diversified investments, and 10 social initiatives. With assets and operations in nearly 60 countries, the Group applies the strength of its global network and capabilities to deliver cross-sector insights and growth at scale, while mitigating risk. Today, Libra’s Social Responsibility Programs include 10 social initiatives created to address unmet needs and grantmaking that helps people worldwide.
The International Renewable Energy Agency (IRENA) released a preview of its World Energy Transitions Outlook for 2023.
In this preview report, they share the vision for the transition of the energy landscape required to meet the Paris Agreement’s goal: keeping global warming under a 2°C increase and bringing CO2 emissions to net zero by mid-century. They report that investments in clean energy will need to accelerate radically to reach this as the energy transition is off-track, with current trends in energy generation falling well short of IRENA’s 1.5°C pathway, resulting in a projected emissions gap of 16 gigatonnes (Gt) in 2050.
Although global investment across all energy transition technologies reached a record high in 2022, annual investment has to more than quadruple to remain on the 1.5°C pathway, and to stay on track, they project global solar PV additions will need to increase from 191 GW per year to 551 GW per year.
IRENA predicts that by 2050, most of the world’s power will be generated from renewable sources. Greenwood Sustainable Infrastructure (GSI) is proud to play its part in the transition.
Read the full article here: https://www.irena.org/Publications/2023/Mar/World-Energy-Transitions-Outlook-2023
Greenwood Sustainable Infrastructure (GSI) shares this analysis of the Inflation Reduction Act’s (IRA) effect on renewables from a project finance perspective, according to S&P Global Commodity Insights.
An uplift in project financings of renewable project financings is projected for 2023, supported by federal policy, with an increasing emphasis on environmental principles and energy security.
Financial and legal experts have reported that they expect $20 billion to $21 billion in tax equity financing for renewable projects in 2023, with the transition to a clean energy future accelerating. The climate bill, known as the Inflation Reduction Act (IRA), is viewed by many in the renewable energy ecosystem as the single most positive development in the history of renewable energy finance in the United States.
With supply chain constraints delaying construction on projects originally planned for 2022, the true impact of the IRA will take time to work its way into the market. However, the persistent demand for tax equity and sheer size of the incentive programs suggests significant long-term growth for renewables.
President Joe Biden signed the IRA in August 2022 and comprises $370 billion in energy climate spending, including tax incentives for solar, wind, hydrogen and energy storage projects. Approximately $270 billion of the new law is attached to various tax credits, but project developers and investors anticipate further details from the Internal Revenue Service on its implementation.
ESG is still hot, with lenders and investors continuing to seek environmental, social and governance, opportunities. Overall, there is very strong appetite for these kinds of deals from the lending community.
Read the full article here: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/011823-renewable-project-financing-to-rebound-in-2023-as-energy-transition-accelerates
The team at Greenwood Sustainable Infrastructure (GSI) celebrated the end of year holidays with friends and family, at the MetLife stadium, enjoying the new Jets gameday tradition of atmospheric home opener followed by the singing of the national anthem.
The visit to New Jersey’s home to New York NFL teams, Jets and Giants, was one of a series of events fostering a work culture that promotes work-life balance. Enriching the employee experience is vital to our employee culture, and this ethos is at the heart of teamwork. Creating a cordial workplace is an intrinsic part of our company’s success, paying dividends such as higher productivity, improved employee engagement and better focus on common goals.
Libra Group is a privately-owned, global business group that encompasses 30 operating entities, with assets and operations in nearly 60 countries: 20 businesses predominately focused on aviation, energy, maritime, real estate, hospitality, and diversified investments, and 10 social initiatives. GSI is one of Libra Group’s renewable energy subsidiaries.
[November 22, 2022, New York, New York] — The latest report by the Solar Energy Industries Association (SEIA) reveals soaring adoption of solar energy by corporate America. GSI’s CEO, Mazen Turk, stated: “This report reveals a really encouraging trend that is being led by some of America’s tech and retail giants. These companies are now installing record levels of solar to power their facilities such that corporate adoption now accounts for 14% of the US solar market”
The “Solar Means Business 2022” report, which tracks and analyzes commercial solar adoption, named Meta, Amazon, Apple, Walmart and Microsoft as the top 5 corporate solar users in America. The report reveals that through June 2022, U.S. businesses have installed nearly 19 gigawatts (GW) of on-site and off-site solar capacity, which is double the 9.4 GW installed through 2019.
“About half of all corporate solar has been installed in the last two and half years,” said SEIA president and CEO Abigail Ross Hopper. “Solar Means Business highlights the incredible flexibility of solar, whether it’s installed on a warehouse roof, on a carport or at an off-site facility, showing the various ways that companies are meeting their needs with clean, affordable energy. From data centers to industrial freezers, the most energy-intensive business operations are turning to solar as the most reliable and affordable way to power their infrastructure.”
Solar Means Business 2022 reveals that Meta dramatically increased its installed solar capacity from 177 megawatts (MW) in early 2019 to 3.6 GW today and now has the largest corporate solar portfolio in the United States. Target remains the top onsite corporate solar user, while Microsoft leapt into the top 10 by installing 479 MW of new capacity since 2019.
Walmart’s diverse set of on-site and off-site solar has kept them in the top 5 for the last decade, states the report. Companies like Intel, Google, Switch and Digital Realty are all using solar energy at data center facilities, which help to power critical information and data infrastructure. In addition, food and beverage giants like Ab Inbev and Starbucks, health care companies like Kaiser Permanente and DaVita, and other top brands like Home Depot and T-Mobile are all top 25 corporate solar users.
There are now 23 U.S. companies that have installed at least 100 MW of solar capacity, up from 11 companies in 2019. 18 of the top 25 companies ranked in this report are pursuing 100% renewable energy or carbon neutral goals.
The full report tracks over 47,000 corporate solar installations nationwide, which together generate enough electricity to power 3.2 million homes and offset 20.4 million metric tons of carbon annually.
In addition, the report now tracks commercial solar projects that are paired with battery storage, which is particularly helpful for businesses that provide essential services or supply critical information or data infrastructure.
Total commercial solar installations are expected to double again over the next 3 years with nearly 27 GW of off-site corporate solar projects scheduled to come online by 2025. This represents nearly a third of the total contracted solar pipeline.
To download the full report see www.SolarMeansBusiness.com.
[October 5, 2022, Alexandria, Minnesota] — Allied Solar, a new joint venture between Greenwood Sustainable Infrastructure (GSI) and SolarGen today formally announced their plans to develop a 40-megawatt (MW) utility-scale solar park on approximately 200 acres of privately-owned land in Alexandria, Minnesota. The proposed project will provide clean, renewable energy to power at least 7,600 homes within the Midwest Independent System Operator (MISO) territory.
GSI is a New York-based renewable energy operator and investor with interest in developing solar and storage facilities across the United States. SolarGen is a solar developer based in Colorado.
“This is an exciting project that will cement GSI’s growth plans and continue to support and advance the nation’s transition to a reliable, clean energy future” said Mazen Turk, CEO of GSI. “This project will increase access to sustainable energy and promote local job creation. In addition, this step forward is proof that solar is not only affordable but can be implemented across the country—whether it be the American South, mid-Atlantic, Mountain West, or the Northeast.”
The 200 acres of private land identified as the home of the project are under contract with Allied Solar pending necessary permits and approvals. The project is currently under review for a Conditional Use Permit with the Douglas County (MN) Land & Resource Department. If passed, the project will be fenced and landscaped based on input from the Douglas County Planning Advisory Commission and the families who own and live on and around the property.
“This is one of the most key points of interconnect in the upper Midwest, and one of the most efficacious locations for injecting 50 MW of reliable and cost-effective renewable energy to serve the area,” said Carmine Iadarola, CEO of SolarGen.
Currently, only three percent of Minnesota’s electricity generation comes from solar. Of that generation, only 24% comes from utility-scale projects. Large-scale projects like the Alexandria solar farm will help accelerate clean energy generation in the state and help it reach its stated goal of 10% solar generation in Minnesota by 2030.
The Alexandria, Minnesota project is one of the first developments to be announced as part of the deal GSI announced with SolarGen in March of 2022. That deal included up to 233 MW of new solar capacity in five U.S. states (in addition to Minnesota, they include Colorado, Pennsylvania, South Carolina, and Wisconsin).
About Greenwood Sustainable Infrastructure
GSI (www.greenwoodinfra.com) is a clean energy subsidiary of the Libra Group (www.libra.com), a privately owned international business group spanning 35 countries across six continents and active in renewable energy, aviation, hospitality, real estate and shipping as well as selected diversified investments. GSI is focused on investment, development, and operation of utility-scale solar energy projects. As of January 2022, the company developed approximated 200 MW in 32 renewable energy projects, many of which are still owned or operated by GSI. Recent partners include DTE Energy, Delmarva Power, and Duke Energy.
About SolarGen
SolarGen is a family-owned business based in Denver, CO. With almost 40 years of experience developing energy and water infrastructure, SolarGen has developed 1,100 MWs of natural gas power, 1,000 MWs of wind, and 500 MWs of solar. As of October 2022, the company is actively developing over 500 MW of power across the United States.
Contact:
Ben Finzel, RENEWPR, for Greenwood Sustainable Infrastructure
ben@renewpr.com
+1 202-277-6286