The following is an interview with GSI Chief Executive Officer, Mazen Turk, and RENEWPR’s Ben Finzel. Find the original article here: https://www.renewpr.com/single-post/the-common-sense-colloquy-q-a-with-mazen-turk-of-greenwood-sustainable-infrastructure.
[September 14, 2022, New York, New York] — With a name like RENEWPR, we are often viewed as a renewable energy-only PR firm. We aren’t, but renewables and sustainability are an important part of our work and a key area of interest and focus (particularly since we’ve worked on numerous wind and solar campaigns and client projects). So we were thrilled when our friends at The Libra Group re-introduced us to Greenwood Sustainable Infrastructure (GSI), a company we had worked with previously.
GSI is led by Chief Executive Officer Mazen Turk. We have the good fortune of working with Mazen and his team to help promote their work, including the announcement earlier this year of a terrific new solar energy acquisition. Given GSI’s focus on sustainable projects across the country, it made sense to profile them and talk with Mazen about their work. We’re thrilled to include Mazen in the Common Sense Colloquy series.
At GSI, Mazen focuses on GSI’s growth strategy through development and acquisition of early-stage utility scale solar PV and battery projects. Mazen also oversees the operational asset management of the company’s numerous sustainable energy project portfolios. The company “develops, invests in, and manages sustainable infrastructure assets, such as renewable and waste to energy projects throughout North America.” Prior to joining GSI, Mazen held several managerial positions at other Libra Group subsidiaries. In these roles, Mazen had responsibility for managing the day-to-day operations of distributed generation solar projects and engaging in business development activities aimed at growing the Libra Group’s renewable energy portfolios.
Mazen is a registered Professional Engineer in New York State and began his career as a Civil Engineering Consultant focusing on large transportation and infrastructure projects for the private and public sector. In addition to his strong background in sustainability, Mazen has a clear understanding of how markets affect development and what that means for long-term project opportunities.
My thanks to Mazen for sharing his wisdom with us – and you.
Q: How would you describe the state of the clean energy marketplace today? What are the current challenges and opportunities?
A: I have always viewed the renewable energy market in the US, whether it is the Mandatory/ Compliance Market, or the Voluntary market, as a highly policy-driven market. Regulatory regimes not only affect the end user or purchaser of green power, they affect all stakeholders from developers, to utilities, and the investment community (among others). There is no doubt that the switch to renewable energy is necessary and already happening at a large scale due to favorable economic policies, but it is not without its challenges:
1. Adoption of renewable energy at a large scale requires a large reform in the country’s power infrastructure. The power grid in the US dates to the early 1950s and was built for fossil fuel plants. The grid is in need of capacity upgrades and smart grid updates to handle the variability and intermittency of the various renewable technologies including battery storage.
2. Developers and investors continue to face long-term price predictability over the lifetime of the project. This is especially challenging as long term contracted revenue (i.e., long term PPAs) are steadily getting shorter. Developers and investors don’t like volatility and uncertainty.
3. As renewable technology continues to become more and more affordable, there is an influx of projects fighting for interconnection queues across all major utilities in the US. Utilities are often bogged down with numerous interconnection applications, some of which will never materialize, creating a backlog and straining the utilities.
The most interesting opportunity for renewables is in the storage space. As the cost of batteries continues to decrease, the widespread use of batteries can improve grid stability. Allowing utilities or independent power producers to deploy power when needed the most not only stabilizes the demand and supply, but also helps minimize major infrastructure upgrades to the grid.
Q: What do you think the renewable energy industry needs to do or say differently to continue to grow and prosper? Are there key messages that you think need to be highlighted in outreach and promotion?
A: The goal of the renewable energy sector is to eliminate our reliance on burning of fossil fuels and to deploy clean sustainable renewable energy solutions to counter climate change. Traditional power plants have historically been large-scale centralized facilities which are located far from the end user such as coal-fired power plant and nuclear plants. The various technologies used in the renewable energy sector have created the ability to decentralize the power supply; now referred to as distributed generation. Distributed generation has many environmental advantages, and its use reduces the amount of electricity that must be generated. Distributed generation, however, does require a mix of local, state, and federal policies to compete with the traditional power plant.
In addition, the deployment of decentralized power generation requires a smart grid. The challenge of upgrading the power grid in the US cannot be understated. It is crucial this is highlighted in the context of regulatory regimes so that utilities can keep pace with growing demand. A digitalized smart grid needs government expenditures and should be led by the utilities. Grid planners and operators face significant complexities especially with the deployment of electric vehicles and grid interactive residential solar. With the new mix of technology, the grid must now adapt to these variables load patterns and bidirectional power flows.
Q: What have you learned in your engineering career that has been applicable to your role at GSI? Any key lessons that you have applied to help GSI succeed?
A: One of the fundamental techniques of problem solving is the reverse engineering approach. Reverse engineering is the act of breaking down or dismantling an object to find out how it works. The knowledge gained from understanding how things work, gives you the ability to recreate a system or an object with added enhancement. Being an engineer by education, I learned to apply this systematic and analytical approach to problem solving. Breaking down one big problem into may smaller problems makes it easier to systematically find smaller solutions.
Also, in a competitive environment such as the solar sector in the US, the adoption of new technologies can be a game changer for certain projects. Whether it is the deployment of automation to improve efficiencies and reduce cost, or the use of new products aimed at increasing revenue, the deployment of the appropriate technology can improve the economics of a project and increase its value. The effective deployment of technology requires a deep technical know-how and experience, and when combined with the appropriate capital structure, optimum performance can be achieved.
Q: What’s the best “common sense” advice about communications you’ve received?
A: Listening. A good listener has the ability to “peel the onion” and get to the core of the matter. When people sense that you distracted and not mindful of the conversation, they refrain from sharing the core truth. By being a good listener, your conversation partner will be aware that they have your full, nonjudgmental attention, enabling better communications.
Q: What’s the best “common sense” advice about communications you’ve given to others?
A: Other than listening, my advice would be to speak less, and keep things simple. Being calculated with your words is not only prudent, but it is also a more effective way to communicate. Being concise and relevant ensures your audience is focused on the message.
[June 30, 2022, New York, New York]- Greenwood Sustainable Infrastructure (GSI) has promoted Joseph Sacks to Chief Financial Officer (CFO), effective June 2022. Joe has a long-standing career with GSI, having been one of the original team members when the company was founded in 2010. He rejoined the GSI a decade later to help promote the growth of their energy infrastructure investments and assets – and to identify and invest in innovative, diverse sustainable infrastructure projects in North America.
Joe has proven experience in financing and investing, having served in a number of principal roles, including direct equity investments as well as bank and non-bank lending within the middle market and project finance spaces. In his role as CFO Joe’s focus will be on continuing the GSI’s commercial growth in the energy sector, managing risk and investment strategies, as well as a new remit of overseeing the company’s financial health as he looks to build robust internal financial and operational processes.
Mazen Turk, CEO of GSI says: “Joe is a tremendous asset to GSI and his promotion is thoroughly well-deserved. He has worked tirelessly as a founding team player, and will play an integral part of our growth right across the renewable energy spectrum. Having someone as resilient and formidable as he is, will prove invaluable in his role as CFO. ”
Joe Sacks, CFO of GSI, says: “This is an exciting phase of growth for GSI and I am eager to rise to the challenges and maximise the opportunities which lie ahead. The strength and scalability of our investment, development, operation and financing of both distributed generation and utility-scale solar energy projects across North America is central to that growth. I look forward to working with the team to continue the on the growth trajectory which will enable us to meet our ambitious growth and sustainability goals.”
GSI, one of Libra Group’s renewable energy subsidiaries, is a New York-based renewable energy operator and investor with interest in developing solar and storage facilities across the United States. As of January 2022, the GSI has developed approximately 200 MW in 32 renewable energy projects, many of which are still owned and operated by GSI. GSI recently closed the acquisition of 233 MW of utility scale solar developments with more in the pipeline.
Libra Group’s four clean energy subsidiaries will soon reach the one-gigawatts mark in the development of renewable energy projects, including solar, wind, and waste-to-energy. This includes more than 220 projects owned, currently under development, or previously developed in six countries.
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.
GSI Announces a Transaction that Doubles Renewable Energy Portfolio Footprint in North America Reaching a Fifth of U.S. States.
[February 28, 2022, New York, New York] Today, Greenwood Sustainable Infrastructure (www.greenwoodinfra.com), GSI, announced it has taken a step towards providing more affordable, reliable, and clean access to energy for Americans. The North American solar energy investment and development subsidiary of Libra Group announced that it has acquired a scalable portfolio of solar developments from AquaSan Network-subsidiary CMDAJ Holdings LLC (CMDAJ). This acquisition positions GSI to provide up to 233 megawatt (MW) in affordable, utility scale solar energy to new markets, including Minnesota, Colorado, Pennsylvania, South Carolina, and Wisconsin.
Initially, GSI will develop 40 MW of early-stage utility scale solar developments in Minnesota, with the option to build an additional 193 MW in Colorado, Pennsylvania, South Carolina, and Wisconsin, doubling its current footprint to 10 U.S. states. Following this transaction, Libra Group subsidiaries, including GSI, will be close to reaching the 1 GW development mark, proving 950 MW in solar, wind and waste-to-energy with over 220 projects owned, currently under development, or previously developed in 6 countries.
These developments will provide power to a combination of regulated utilities, investor-owned utilities and U.S. businesses allowing them to purchase solar energy to meet clean energy goals and lock in reduced electricity costs. The portfolio will increase access to reliable, clean energy and promote local job creation and the provision of clean, reliable and renewable 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,” said Camilo Patrignani, Libra Group EVP of Energy. “The company and this transaction represent a key part of Libra Group’s commitment to renewable energy in the Americas and around the world.”
The U.S. renewable energy market is a multibillion-dollar sector. A global focus on clean power, where many U.S. developers lead the field, has given rise to new solutions with improved technology offering greater efficiencies year upon year. The assets from this deal will be co-owned and co-developed by the GSI and CMDAJ partnership. Once the projects are ready to build, GSI plans to construct and operate the power plants.
“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,” said Mazen Turk, GSI 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” said Carmine Iadarola, CEO of CMDAJ and AquaSan Network, Inc.
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.
About AquaSan/CMDAJ
Aquasan 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.
Greenwood Sustainable Infrastructure (GSI) announces the completion of major upgrade to its L’Anse Warden power facility, including biomass plant turbine refurbishment and boiler system improvements.
GSI has announced the completion of the major upgrade to its Michigan-based clean power business, L’Anse Warden Electric Company, with the finalization of the refurbishment of its flagship biomass power plant. The overhaul included refurbishment of its GE turbine, as well as a number of improvements to the boiler and related systems. This was the initial phase of a restoration program expected to exceed $6 million in capital expenditure.
GSI is an independent power producer with 32 clean energy-operating projects located in five states across the US. The company develops, invests in, and manages sustainable infrastructure assets throughout North America.
GSI will focus on interrelated energy, waste and water investments
NEW YORK, NY – May 7, 2020 – Investment managers behind the world’s first fully solar-powered amusement park and the first U.S. wind project repowering announced today they have merged to create Greenwood Sustainable Infrastructure LLC (“GSI”), which will focus on developing, managing and investing in projects encompassing the three interrelated sectors of energy, waste and water.
GSI combines investment managers GoldenSet Capital Partners LLC and Greenwood Energy, a Libra Group subsidiary, offering collectively nearly 100 years of experience and a focus on sustainable infrastructure projects since 2009. That includes creating 17 portfolio companies consisting of 90 wind and solar projects producing roughly 300 megawatts, establishing a methodology that will now be applied to the considerable market opportunity in North America.
GSI’s projected portfolio will feature renewable power generation and storage, recycling, water treatment and filtration and other technologies that preserve oceans and waterways while reducing greenhouse gas emissions and waste.
“Together, we will help shape a clean economic future by developing and investing in multiple small to mid-size projects that together can serve our communities and make widespread infrastructure decarbonization and resiliency a reality,” said Everett Smith, who founded GoldenSet Capital Partners and is now leading GSI as its managing partner. “Our sustainable infrastructure strategy can offer reliable returns amid broader market volatility, along with quick lead times and economic activity in areas affected by recession and unemployment.”
The GSI leadership team’s track record includes New Jersey’s largest behind-the-meter commercial and industrial solar project at Six Flags Great Adventure, the world’s first fully renewable energy-powered amusement park. It also includes (at time of construction) the largest solar project in Vermont – located at a former copper mine and EPA Superfund site – and the largest rooftop solar power project in Massachusetts, as well as the first U.S. wind project repowering.
“We have decades of experience identifying, developing and managing sustainable infrastructure projects in previously untapped areas,” Smith said. “We invest across the entire project lifecycle and understand the risks inherent in each phase, something that few investors have the experience to do consistently and successfully. This adds up to greater financial returns and a growing number of the kinds of sustainable infrastructure projects that can be aggregated to build larger portfolios that have even greater impact.”
GSI’s investment managers will continue their focus on small- to midsize projects using proven technology, emerging business models and innovative financing structures often overlooked by others, while broadening sustainable infrastructure investing beyond renewable energy to include efforts to clean up water and reduce and reuse waste.
GSI will be a member of the Libra Group, a privately-owned international business group that is active in 35 countries and focused principally on energy, hospitality, real estate, shipping and aviation. In addition to its solar and wind energy experience in the Americas, the group has invested in solar energy parks, wind farms and biogas production facilities in Europe.
Smith, whose 40 years’ experience in energy and infrastructure investment includes more than 15 years in a variety of senior positions at GE Capital, will be joined by a team led by GoldenSet Partner Robert Pryor and Greenwood Energy Asset Management and Business Development Director, Mazen Turk. GSI’s board and senior advisors will include Libra Chief Strategy Officer Phaedra Chrousos and General Counsel Bert Diaz.
Media Contacts:
Ben Finzel, RENEWPR, 202-277-6286, ben@renewpr.com
Darren Goode, Goode Impact, 202-550-6619, darren@goodeimpact.com
About Greenwood Energy and the Libra Group
Before the creation of Greenwood Sustainable Infrastructure, Greenwood Energy developed five portfolios of solar energy facilities spanning Delaware, Florida, Hawaii, Massachusetts, New York, North Carolina and Vermont. The customers for these facilities include municipalities, universities and utilities. Its sister company, Greenwood Energy Latinoamérica, continues to focus on solar energy projects in Central America. Both companies are part of the global energy operations of the Libra Group, a privately owned international business group that is active in 35 countries across six continents. It is focused on six core sectors: aviation, energy, hospitality, real estate, shipping and diversified investments. In Europe, the group has invested in solar energy parks, wind farms and biogas. www.libra.com
About GoldenSet Capital Partners
GoldenSet Capital Partners is a specialist investor in sustainable infrastructure. Focused on the clean energy, sustainable resource, and water sectors, GoldenSet has invested project equity and structured capital across development, construction, and operation cycles. With a deep understanding of energy and infrastructure trends, GoldenSet seeks to gain a first mover advantage in key infrastructure growth sectors. These growth areas have included distributed solar, wind repowering, residential solar, energy storage, and, most recently, blue (ocean) infrastructure. GoldenSet’s proven investment strategy is based on being an active investor, owner, and partner who builds individual projects and aggregates them into more valuable portfolios in a repeatable and scalable process.
Greenwood Energy, now Greenwood Sustainable Infrastructure (GSI), has released drone film footage of its 4.8 Megawatt solar project in Lisbon, NY, which occupies around 60 acres. It is expected to produce approximately 12 million kilowatt-hours during its first year of operation.
[August 31, 2018, New York, New York] — Located in Lisbon, New York, Lisbon East and Lisbon West total 4.8 MW DC and sell net metering credits to the City of Utica under a long-term Solar Power Services Agreement. The projects are located on 2 adjacent 30-acre sites and use JA solar modules and Sungrow inverters. Both projects began operating in August 2018.
[August 22, 2018, New York, New York] — Greenwood Energy (www.gwenergy.com), now Greenwood Sustainable Infrastructure (GSI), the North American solar energy investment and development subsidiary of Libra Group, has completed two solar project portfolio financings with ORIX Corporation USA (ORIX USA). Greenwood Energy was advised during the transaction by Marathon Capital.
The U.S. renewable energy market is a multibillion-dollar sector. A global focus on clean power, where many U.S. developers lead the field, has given rise to new solutions with improved technology offering greater efficiencies year upon year. Greenwood Energy has been operating in the clean energy industry sector since 2010 and has developed 36 solar energy projects across eight U.S. states in excess of 100 MW. The company represents a key part of Libra Group’s commitment to renewable energy in the Americas. ORIX USA has been investing in the U.S. solar industry since 2015, with a focus on the commercial, industrial and small utility-scale sub-sector.
Greenwood Energy Managing Director Jon Cole commented, “This commitment by ORIX USA represents a strong endorsement of Greenwood Energy and its commercial strategy for solar energy in the U.S. The U.S. energy market offers exceptional growth potential at an unprecedented moment for clean technologies. We look forward to capitalizing on this opportunity and working closely with ORIX USA as our business develops.”
“ORIX Corporation has a long history of investing in a broad array of infrastructure assets globally — including renewable energy generation,” said Josh Herlands, head of infrastructure and renewable energy at ORIX USA. “We are excited to work with Greenwood Energy on this project and other potential solar projects as these investments are synergistic with our U.S. solar investment strategy and our corporate purpose to steward a better tomorrow.”
About Greenwood Energy
Greenwood Energy (www.gwenergy.com) is one of the clean energy subsidiaries of 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. Greenwood’s business is focused on investment, development, and operation of utility-scale solar energy projects. Its sister company, Greenwood Energy Latinoamérica (www.greenwoodlatam.com), provides on-site solar energy systems for public and private sector organizations wishing to offset their energy costs. Libra Group also owns a manufacturer of clean-burning engineered fuel in the USA, and has investments in power and steam generation facilities, including biogas plants in Latvia. Libra subsidiary, EuroEnergy, operates solar farms and wind parks across Europe.
ORIX Corporation USA (ORIX USA)
Since 1981, ORIX USA has provided innovative capital solutions that clients need to propel their business to the next level. ORIX USA and its subsidiaries—Boston Financial Investment Management, Lancaster Pollard, Mariner Investment Group, RB Capital and RED Capital Group—include a team of more than 900 employees spanning more than 30 offices across the U.S. and Brazil. ORIX USA and its family of companies have $57 billion of assets under management, administration and servicing (including $8.6 billion held by the company and its subsidiaries). Its parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 38 countries and regions worldwide. Through its business activities, ORIX has long been committed to corporate citizenship and environmental sustainability. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information on ORIX USA, visit www.orix.com.
Contact:
Ben Finzel, RENEWPR
ben@renewpr.com
+1 202-277-6286
Amanda Rider
arider@marketwave.biz
+1 972.770.5083
Jeff Smith
Jeff.smith@orix.com
+1 214.237.2301
On Thursday, December 7th, 2017, Greenwood Energy, now Greenwood Sustainable Infrastructure (GSI), attended the dedication of the Kenneth P. Ksionek Community Solar Farm, the Orlando Utility Commission’s (“OUC”) most recent addition to its solar generating resources.
The Kenneth P. Ksionek Community Solar Farm is two solar arrays totaling 12.57 MW DC and it is named after OUC’s current General Manager and CEO. It is located at OUC’s Stanton Energy Center. One part is installed atop a closed byproduct landfill using ballasted foundation while the other array is traditional ground mount. Both are fixed tilt PV and in total comprises 37,500 solar modules. All electrical output is sold to OUC under two long-term Power Purchase Agreements.
At the dedication ceremony remarks were given by Gregory Lee, OUC’s Board President, the Honorable Teresa Jacobs, Mayor of Orange County, and the Honorable Buddy Dyer, Mayor of the City of Orlando. Closing remarks were given by Kenneth Ksionek.
Private development of the projects began in 2014 by American Capital Energy, Inc. (ACE), who was awarded the rights to build the project by OUC following an RFP process. In 2016, Greenwood Energy assisted ACE and OUC with the final development of the project. Prior to construction, Greenwood Energy acquired the rights to the project and they continue to own and operate it. Construction was undertaken by Manhattan Construction beginning in October 2016 and the project achieved Substantial Completion in September 2017.
The addition of the project has doubled OUC’s solar capacity and is expected to generate enough energy to power around 1,300 homes per year. Energy from the project is being used to expand OUC’s community solar program, an option that allows OUC customers to access affordable clean energy without the up-front costs and restrictions associated with installing solar on their home or business. As it has done for existing solar farms, OUC will provide live production status for the Kenneth P. Ksionek Community Solar Farm on its website.