Onward Energy announced it has acquired 100% of the cash equity interests in a 1,171 MW solar facility portfolio from Global Atlantic Financial Group. The solar assets are fully operational.
The 11 projects are dispersed across the United State in 8 states, and represent Onward’s largest single investment in renewables, bringing its power generation assets to 6 GW. The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.
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.
Onward Energy currently owns and operate 5 GW of solar, wind, and gas generation projects in the United States, spread across 45 large projects in 18 states. Its renewable portfolio provides enough power equivalent to the needs of 425,000 homes, and offsets roughly 2 million metric tons of carbon emissions annually.
Global Atlantic operates in the US life insurance and annuity industry, bringing differentiated investment and risk management capabilities. In October 2021, the company sold its stake in solar and storage developer Origis Energy to private equity firm Antil Infrastructure Partners.
“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.” said Steve Doyon, Onward Energy CEO.
“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,” said Anup Agarwal, chief investment officer of Global Atlantic.
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