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US speciality finance firm Galway Sustainable Capital Inc (GSC) has taken a majority stake in Forsite Renewables, a local developer of solar and battery energy storage systems (BESS) with a pipeline of 14 projects totalling more than 4 GW.
Active across the US, Charlotte, North Carolina-based Forsite Renewables seeks to develop projects near aging, uneconomic coal and gas power plants, utilising existing interconnection infrastructure. The company was launched in 2019 by commercial real estate firm Forsite Development.
“This is a transformative transaction [that] will enable us to significantly expand our project portfolio and serve the growing demand for sustainable energy,” Forsite Renewables’s president Kevin Day said in the statement published on Thursday.
GSC made the investment through its subsidiary Sterling Power Opportunities. The financial details of the deal were not disclosed.
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