Onward Energy today 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 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.
Steve Doyon, Onward Energy’s Chief Executive Officer, 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. Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly.”
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. 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 financial advisor and Mayer Brown LLP served as legal advisor to Global Atlantic. Milbank LLP served as legal adviser to Onward.
The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.
About Onward Energy
Onward Energy is an independent power generator that currently owns and operates over 5 GW of solar, wind, and gas generation projects in the U.S. With 45 projects in 18 states, Onward Energy is a national leader in the clean energy transition, investing in the next generation of reliable, clean technologies that will enable our customers and communities to meet their decarbonization goals faster.
About Global Atlantic
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR).
