Onward Energy has entered right into a binding settlement to buy 100% of the money fairness pursuits in a 1,171 MW working solar portfolio from Global Atlantic Financial Group. The portfolio consists of 11 tasks in eight states. It would be the largest renewable funding in Onward Energy’s historical past, additional increasing the corporate’s portfolio to over 6 GW of various power era belongings.
“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,” says Steve Doyon, Onward Energy’s CEO. “Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly.”
“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,” feedback Anup Agarwal, chief funding officer of Global Atlantic. “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.”
Onpeak Capital LLC served as monetary advisor and Mayer Brown LLP served as authorized advisor to Global Atlantic. Milbank LLP served as authorized adviser to Onward. The transaction is predicted to shut within the third quarter of 2022, topic to customary closing situations.