Greenwood Sustainable Infrastructure Secures Canada's Second-Largest Solar Project

New York-based Greenwood Sustainable Infrastructure has acquired the 556-megawatt DC Homestead Solar Project in Alberta, marking a significant expansion in Canada's renewable energy sector. The project, located south of Calgary, is poised to become one of the country's largest solar developments upon completion.

Key Takeaways

• Greenwood Sustainable Infrastructure has acquired the 556 MW DC Homestead Solar Project in Alberta.

• The project, purchased from Kiwetinohk Energy, is expected to cost over $600 million.

• Construction is slated to begin this year, with operations targeted for August 2027.

• Upon completion, Homestead will be Canada's second-largest solar project.

Homestead Solar Project Details

The Homestead Solar Project, situated in the Municipal District of Willow Creek, was acquired from Calgary-based Kiwetinohk Energy. With an estimated cost exceeding $600 million, construction is anticipated to commence within the current year, aiming for operational status by August 2027. Once fully operational, the project is expected to generate enough energy to power approximately 100,000 homes, solidifying its position as the second-largest solar development in Canada.

Greenwood's Expanding Portfolio

This acquisition significantly boosts Greenwood's renewable energy pipeline, bringing its total solar development to approximately 2.1 gigawatts (GW) DC and adding 340 megawatts (MW) of battery energy storage projects across North America. The company has a strategic goal to expand its clean energy project pipeline to five GW by 2029. Greenwood's existing Canadian projects are located in Alberta, Saskatchewan, and Ontario, with a total of 580 MW capacity under development in Alberta alone.

Alberta's Evolving Renewable Energy Landscape

Alberta has historically been a prime location for renewable energy due to its favorable natural conditions and deregulated electricity market. However, the sector has faced challenges, including a provincial moratorium on renewables development from 2023 to 2024 and stricter regulations. Despite these headwinds, Greenwood CEO Mazen Turk expressed confidence in the market, viewing Alberta's new regulatory framework as a positive step. He emphasized the industry's need for projects to be self-sustaining without government subsidies, noting that solar energy is currently the most cost-effective source of electricity.

Future Outlook

Greenwood is adapting its strategy, focusing on monetizing smaller community solar projects in the U.S. while retaining a long-term ownership approach for its utility-scale infrastructure in Canada. The company remains optimistic about the Canadian market, citing continued interest from lenders and investors. Greenwood plans to host public information events in October to share further details about the Homestead Solar Project and the acquisition.

Sources

• Greenwood acquires Canada's second-largest solar development •SustainableBiz Canada• Sustainable Business News, Sustainable Biz Canada.

• Greenwood acquires Canada's second-largest solar development •SustainableBiz Canada• Sustainable Business News, Sustainable Biz Canada.

• Acquisition of Canada’s second-largest solar project near Claresholm, Lethbridge News Now.