Greenwood Energy is a Leader in Development, Construction and Asset Management
The Greenwood Energy team has combined experience of 57 years in solar and 65 years in renewable energy. We have the technical, legal and financial expertise to take solar projects from development to operation and beyond. We target projects between 1 MW and 15 MW located throughout the United States, and have the capability and experience to scale up with larger projects. Typically, projects with similar risk profiles and timelines are aggregated into portfolios comprising six to ten projects totaling 10 MW to 30 MW. Using a portfolio strategy provides critical mass so that we can leverage our strategic relationships with top-tier third party tax equity and debt providers. Once in operation, we work hard to deliver maximum value from our assets.
Initial Review and Due Diligence
Greenwood Energy sources projects through greenfield development and by acquisition. We are able to acquire projects at any stage of the development process and have established relationships with developers over many years which provide a strong pipeline of viable sites and facilities. When initially presented with an opportunity, our viability analysis takes a fourfold approach. The four factors are: 1) location, notably with advantageous sunlight hours and environment; 2) technical feasibility, to ensure installation is logistically possible to build and maintain; 3) contracting and permitting, taking into account stakeholders and long-term sustainability; and 4) economic viability, throughout the entire life cycle of the project. We are often able to find solutions for projects that might not meet all four viability factors. We take pride in the fact that our experienced team is capable of resolving issues that might have made a project seem unviable to others.
Acquisition and Development
The steps of the Acquisition and Development phase depend on the stage of development. For greenfield projects, our team will coordinate viability and site studies, obtain site control and permitting, negotiate with energy buyers, secure interconnection, procure equipment, and finalize the project design. When Greenwood acquires projects from other developers we typically negotiate a Membership Interest Purchase Agreement that will allocate responsibilities depending on the development stage of the project. It is during the Acquisition and Development phase that we aggregate projects into a portfolio and prepare to begin construction. Our Project Finance team also begins to engage our trusted financing parties during this phase.
Greenwood’s technical team oversees the entire construction process of our projects. After successfully managing the construction process of over 30 projects, Greenwood has identified and established relationships with a trusted list of Engineering, Procurement and Construction (“EPC”) providers that are capable of building multiple projects at multiple locations, simultaneously. Engaging with our trusted EPC providers creates an efficient documentation process with a counterparty that we know will deliver the best product within the set timeline. Typically, during this phase our Project Finance team will negotiate and close third-party financing. The Project Finance team also manages funds to ensure timely payment of contractors during construction.
Greenwood Energy’s Asset Management team currently manages 11 operating projects totaling 26 MW and spanning two portfolios. Asset Management is comprised of technical, financial and legal teams that work together to maximize the value of our operating projects. The technical team is responsible for coordinating with our operations and maintenance providers to ensure optimal performance of our projects. The financial team is responsible for client relations, financing party relations, cash management and reporting. The legal team is responsible for compliance of contracts with all counterparties. It is our goal to drive revenues by producing as many kilowatt hours as possible while minimizing repair costs with constant monitoring and maintenance.