Independent power producer Exus Renewables North America has acquired greenfield renewable energy developer Ozone Renewables, a move designed to integrate in-house development capabilities and expand its reach across key U.S. power markets.
The transaction represents Exus’ first organizational acquisition. By absorbing Ozone’s team and assets, the company aims to transition away from a third-party project acquisition model toward a fully integrated internal development engine.
Ozone’s team brings a track record of commercializing over 3 GW of operational wind projects and developing a multi-gigawatt pipeline of utility-scale solar.
“This strategic partnership allows us to bring proven greenfield expertise in-house at a critical time for the industry,” said Jim Spencer, President and chief executive officer of Exus Renewables North America. “Rather than continuously acquiring early-stage projects from external developers, we can now originate and develop projects internally with a tried-and-true team.”
The acquisition includes Ozone’s existing pipeline of early-stage wind, solar, and storage assets. The newly integrated team will focus on greenfield origination across the PJM, MISO, WECC, and SPP territories.
Ozone has historically specialized in “challenging” regulatory environments, including the Pacific Northwest, Pennsylvania, and New York—regions that require deep expertise in land control and permitting to reach commercial operation.
“As the industry consolidates and the days of small independent developers become increasingly challenging, joining Exus provides the resources and platform to continue successful greenfield development work,” said Tommy Hudzik, Head of Development at Exus Renewables North America.
The deal follows a period of significant growth for Exus, which recently secured over $300 million in financing for its Zia Solar and Keystone Wind portfolios. With over 100 employees and offices in Pittsburgh, New York, and Albuquerque, the company is positioning itself to scale rapidly as power demand rises across North American markets.
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