UPDATED WITH INTERVIEW: The second-largest solar project in Canada, the 556-megawatt DC Homestead Solar Project in Alberta, has been acquired by New York-based Greenwood Sustainable Infrastructure. 

“We believe in the markets. I think solar is here to stay,” Mazen Turk, CEO of the renewable energy project developer, builder and operator, said in an interview with Sustainable Biz Canada.

Located in the Municipal District of Willow Creek, south of Calgary, Homestead was purchased from Calgary-based oil and gas producer Kiwetinohk Energy, according to a news release from Greenwood. The project is expected to cost over $600 million, Turk said. Construction is targeted to start “within this year,” with the aim of starting operations in August 2027.

“The acquisition of the Homestead Solar Project represents a significant milestone in expanding (Greenwood’s) clean energy presence within the Canadian market,” Mazen Turk, CEO of the renewable energy project developer, builder and operator, said in the announcement.

An Alberta government website for major projects says Homestead was approved by the Alberta Utilities Commission on Sept. 22, 2022.

Greenwood focuses on utility-scale solar energy and battery storage projects in North America. Since 2010, it has developed approximately 388 megawatts (MW) of projects across 82 renewable energy ventures. Its in-development Canadian solar projects are located in Alberta, Saskatchewan and Ontario.

In Alberta, Greenwood is developing a total of 580 MW of capacity across two projects. In neighbouring Saskatchewan, a key Greenwood site is the 100 MW Turning Sun Solar, formerly Iyuhána Solar. In Ontario, the company has 146 MW of capacity in the works across three projects.

Homestead will raise Greenwood’s renewable energy pipeline to approximately 2.1 gigawatts (GW) DC of solar development and 340 MW of battery energy storage projects in North America. The company plans to further elevate its pipeline to five GW of clean energy projects by 2029.

Sustainable Biz Canada has reached out to Greenwood and will update this article with any additional information as it becomes available.

Solar loses some shine in Alberta

When complete, Homestead will rank among the biggest solar energy projects in the country, joining the likes of the 465 MW AC Travers Solar Project and 132 MW AC Claresholm Solar Project, both in Alberta.

Alberta has stood out in Canada for its high renewables potential due to a favourable natural environment for solar and wind, plus a deregulated electricity market that plays into the hands of project developers.

But that reputation has taken a hit following a province-wide moratorium on renewables development that lasted from 2023 to 2024, and tightened restrictions on where the infrastructure can be built.

According to Business Renewables Centre Canada, corporate renewable energy deals for solar in Alberta have fallen since a peak of 715 MW in 2021. In 2025, there was only six MW of deal-making in the Alberta solar industry.

In the U.S., where Greenwood has most of its projects, the federal government has set a deadline on investment tax credits for solar projects and limited the eligibility of companies to access such incentives.

Despite the headwinds, Turk said the company is staying the course on renewable energy.

“We recognize the new regulatory framework in Alberta,” which Greenwood views “as a positive step to the industry,” he said. “As an industry, we need to ensure that these projects are able to stand alone without government subsidies.”

Plus, solar is the cheapest source of electricity today, he added.

Greenwood is adapting to the less favourable environment. In the U.S., it is shifting to monetize its pipeline of assets, primarily small community solar projects around five MW, and selling them at the notice to proceed stage while accessing the federal tax credits, Turk said.

In Canada, where its projects are focused on utility-scale infrastructure it intends to hold for the long-term, Greenwood is still seeing interest from lenders and investors in the Canadian market.

“We’ve made that decision to move into Canada three years ago, and that’s proven now to be the right strategy,” Turk said.