Onward Energy has agreed to buy 100% of the equity shares in a 1,171 MW operating portfolio of solar panels from Global Atlantic Financial Group. The portfolio comprises 11 projects in eight states. It 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.
“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,” comments Anup Agarwal, chief investment 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.”
Global Atlantic was served by Onpeak Capital LLC as its financial advisor, while Mayer Brown LLP served the legal advisor. Milbank LLP was Onward’s legal advisor. The transaction is expected close in the third quarter 2022, subject only to customary closing conditions.