Onward Energy announced its agreement to purchase 1,171 MW operating solar portfolio from Global Atlantic Financial Group.
The portfolio includes 11 projects in 8 states and will be the largest renewable investment in Onward Energy’s history, further expanding the company’s portfolio to over 6 GW of diverse power generation assets.
Onward Energy currently owns and operates over 5 GW of solar, wind, and gas generation projects in the U.S and has 45 projects in 18 states.
Onward Energy CEO Steve Doyon said: “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.”
Anup Agarwal, Chief Investment Officer of Global Atlantic, said: “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.”
Onpeak Capital served as financial advisor and Mayer Brown served as legal advisor to Global Atlantic. Milbank served as legal adviser to Onward.
The transaction is expected to close in the third quarter of 2022