Onward Energy has closed on the beforehand introduced acquisition of a 1,171 MW working solar portfolio from Global Atlantic Financial Group. The acquisition consists of working solar property in eight states and establishes the corporate as one of many largest operators of solar property within the U.S. With the closing of this acquisition, Onward owns and operates over 4.3 GW of renewable energy in 22 states. The transaction represents the most important renewable funding within the firm’s historical past and additional diversifies Onward’s 6 GW energy technology portfolio.
“Onward Energy is a committed partner in the energy transition and this acquisition marks an important step in our continued leadership towards a future powered by clean energy,” says Steve Doyon, CEO of Onward. “We are grateful to the Global Atlantic team for their collaboration throughout this process.”
Concurrent with the transaction closing, Onward secured long-term financing with KeyBank performing as administrative agent for a financial institution group of relationship lenders that features Commerzbank, CoBank, ING, NatWest and Truist. 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.