Onward Energy, a US-based energy company, and Global Atlantic Financial Group have signed a legally binding contract for Onward Energy to acquire all the cash equity interests in the 1.17 GW operational solar portfolio. A total of 11 solar projects, located across eight different US states, make up the solar portfolio. No financial details have been disclosed.
With the customary closing conditions, the deal is anticipated to close in the third quarter of 2022. It will bring the total size of Onward Energy’s diverse portfolio of power generation assets to over 6 GW. Global Atlantic received legal and financial assistance on the deal from Mayer Brown and Onpeak Capital, respectively. Onward received legal advice from Milbank.
Onward Energy owns and operates more than 5 GW of solar, wind, and gas generation capacity in the US, with 45 projects spread across 18 states. To assist its consumers and local communities reach their decarbonisation goals more quickly, the company aims to invest in the next generation of reliable, clean technologies.