New York-based Novatus Energy and Denver-based Southwest Generation, both independent power producers (IPPs), have completed a merger to become a new company: Onward Energy.
The deal combines both parties’ generation portfolios, which currently stands at 43 wind, solar, and natural gas generating projects across 16 states, with a combined capacity of 4.2 GW.
Novatus Energy contributed a 1.9 GW portfolio to the new IPP, including 543 MW of solar and 1.4 GW of wind projects. Meanwhile, Southwest Generation contributed eight natural gas power plants totaling 2.3 GW.
Although Onward Energy’s solar portfolio is spread throughout the country, it’s headlined by two large projects in the Southwest: the 120 MW Comanche solar project in Colorado and the 50 MW Pavant project in Utah.
John Foster, former CEO of Southwest Generation and new executive chairman of Onward Energy, stated that the merger will position Onward to be a “leader in the energy transition.”
In addition to owned generation, Onward Energy will continue to provide services under Novatus Energy’s and Southwest Generation’s existing power purchase agreements with their respective counterparties.
Onward Energy will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management.
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