Onward Energy, an independent power producer, has recently announced that it has inked an agreement for procuring complete cash equity interests in a 1,171 MW operational solar portfolio from Global Atlantic.
Under this portfolio, 11 projects in the 8 states will be included and will be the major investment in the history of Onward Energy, further developing the company’s portfolio to around 6GW of different power generation assets.
Steve Doyon, CEO of Onward Energy, said that the firm is hopeful that the high-quality solar assets acquisition is a strong fit with the current portfolio, stable with the view of the energy transition, and complies with the growth strategy.
Collaborating with Global Atlantic and its excellent team, the firm has been able to ink the agreement seamlessly and quickly.
Anup Agarwal, Global Atlantic’s Chief Investment Officer, said that this portfolio includes a varied set of solar investments that the firm has built over the last seven years, and it hopes that Onward Energy will be an ideal guardian of these assets.
The firm was excited about reaching an agreement and is committed to building a strong presence in this ecosystem as the global demand for clean power rises continuously.
As per credible sources, Mayer Brown LLP acted as legal advisor, and Onpeak Capital LLC acted as financial advisor to Global Atlantic. Meanwhile, Milbank LLP acted as a legal adviser to Onward.
The transaction is anticipated to be completed during the third quarter of 2022 as it is subjected to several customary closing conditions.
Furthermore, Onward Energy is a power generator that currently operates and owns around 5 GW of solar, gas, and wind generation projects in the United States.
Having 45 projects in 18 states, the firm is one of the national leaders in the clean energy transition, investing in the upcoming clean and reliable technologies for empowering the communities and customers to meet the decarbonization goals faster.
Source Credit – https://www.prnewswire.com/news-releases/onward-energy-to-acquire-a-1-171-mw-operating-solar-portfolio-from-global-atlantic-301580945.html