Onward Energy, an independent power producer, announced that it has entered into a binding agreement to purchase 100% of the cash equity interests in a 1,171 MW operating solar portfolio from Global Atlantic Financial Group.
The portfolio includes 11 projects in 8 states, expanding the company’s portfolio to over 6 GW of diverse power generation assets.
“We believe that this acquisition of high-quality solar assets is a strong fit with our existing portfolio, consistent with our view of the energy transition, and complementary to our growth strategy. Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly.” Said Steve Doyon, Onward Energy’s Chief Executive Officer.
“This portfolio is part of a diverse set of solar investments that we’re proud to have built over the past seven years, and we believe that Onward Energy will be an excellent steward of these assets. We were pleased to reach an agreement and are committed to building our presence in this space as global demand for clean power continues to rise.” Said Anup Agarwal, Chief Investment Officer of Global Atlantic
Onward Energy is an independent power generator that owns and operates over 5 GW of solar, wind, and gas generation projects in the U.S.
The transaction is expected to close in the third quarter of 2022.
Onpeak Capital served as a financial advisor, and Mayer Brown acted as legal advisor to Global Atlantic. Milbank served as legal adviser to Onward.
According to Mercom’s Q1 2022 Solar Funding and M&A report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021.
Recently, Helios Nordic Energy, a developer of large-scale PV solar projects, has agreed with a Danish solar energy company Nordic Solar, to acquire four solar projects in the Helios project pipeline. The four projects are in the south of Sweden, of which three are in SE3 and one in SE4. They have a total combined capacity of approximately 220 MW.