Galway Sustainable Capital Acquires Forsite Renewables
Sterling Power Opportunities, a subsidiary of Galway Sustainable Capital, Inc., has acquired a majority interest in Forsite Renewables, a Charlotte-based developer of solar and battery storage projects. The transaction, which funds the expansion of Forsite, marks the 34th strategic acquisition for Galway, a specialty finance firm that invests in businesses that deliver positive environmental and social benefits. Galway will retain the existing management team to lead ongoing development and operations of the company.
"Forsite brings an accomplished management team and demonstrated track record to our family of companies," said Rich Haddon, Managing Director of GSC. "We are excited to support Forsite's work in the energy transition space and their expertise in repurposing infrastructure from aging coal plants into fast-tracked development of utility scale renewable projects."
"This is a transformative transaction and incredible milestone for our team at Forsite. It will enable us to significantly expand our project portfolio and serve the growing demand for sustainable energy," said Kevin Day, President of Forsite Renewables.
KeyBanc served as Forsite's strategic advisor, helping the company evaluate its strategic alternatives and identify Galway as the ideal partner for its continued growth.
About Forsite Renewables, LLC
Forsite Renewables, LLC is a full-service utility scale developer of renewable energy and battery storage projects. Its core strategy has been to locate projects near aging, uneconomic coal and gas plants with the goal of utilizing the existing interconnection infrastructure and rights to expedite the development process. Its portfolio is expanding into community and distributed generation solar projects, as well as traditional greenfield development projects. The company's pipeline has grown to 14 projects totaling more than 4.0 GW since its founding and has projects across the United States, including Texas, Oklahoma, Louisiana, Arkansas, Illinois, Indiana, North Dakota and Maryland.
About Forsite Development, LLC
Charlotte, North Carolina-based Forsite Development is a commercial real estate firm focused on revitalizing industrial facilities, including coal fired power plants. FD has remediated six coal fired power plant sites and more than 20 industrial sites comprised > 10 million square feet of space into new, productive uses.
About Galway Sustainable Capital
Galway Sustainable Capital is a specialty finance company investing in businesses that hold the promise of a better future for all. GSC invests in companies, projects and assets that promote environmental and social resilience through locally based solutions, ultimately building platforms that use resources more efficiently. Its investments save energy, reduce greenhouse gas emissions, increase resilience and expand opportunity.
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