New division to make Greenwood Energy a major player in the U.S. solar energy market

[October 4, 2012, New York, New York] — Greenwood Energy, the North American renewable energy division of Libra Group, today announced a new joint venture with Biosar Energy S.A., a global leader in the construction of medium and large scale photo-voltaic (PV) solar systems throughout Europe. Biosar brings proven engineering, procurement and construction (EPC) capabilities to combine with Greenwood’s existing alternative fuel and power project development capabilities.  The joint venture, called Greenwood Biosar, will complement Greenwood’s existing operations and client base while increasing Biosar’s footprint throughout North America.

“Greenwood Energy’s joint venture with Biosar will further strengthen our position as a driver of clean energy projects in North America as we add solar EPC to our core capabilities,” said Greenwood Energy’s Interim CEO, Camilo Patrignani.  “Greenwood Biosar will offer a competitive solution to customers, both utility-scale and medium-scale, looking for a turnkey solution to build solar capacity.”

Biosar, owned by the Ellaktor Group, has an established international presence and is a market leader throughout the sun-rich European Mediterranean where its portfolio spans numerous sites in Greece, Italy, Romania and Bulgaria.  Biosar’s total installed capacity will exceed 300MW by the end of 2012.  Due to their extensive project experience in Europe, Biosar has established long standing relationships with top tier solar panel and equipment manufacturers.  These relationships will translate into a competitive advantage as the joint venture pursues EPC contracts throughout North America.  Overall, the Greenwood Biosar venture will benefit from Biosar’s strong track record in delivering projects to customers, on-time and on-budget.

Greenwood Biosar operations in North America will include:
•    Preliminary design, technical and implementation studies
•    Permitting, engineering and construction
•    Integrated Facility Management System for PV plants (IFMS)
•    Operation & maintenance