Onward Energy ("Onward" or the "Company") is pleased to announce that it has closed on the previously announced acquisition of a 1,171 MW operating solar portfolio from Global Atlantic Financial Group ("Global Atlantic"). The acquisition includes operating solar assets in eight states and establishes the Company as one of the largest operators of solar assets in the U.S. With the closing of this acquisition, Onward owns and operates over 4.3 GW of renewable energy in twenty-two states. The transaction represents the largest renewable investment in the Company's history and further diversifies Onward's 6 GW energy generation portfolio.
Steve Doyon, Chief Executive Officer of Onward, said "Onward Energy is a committed partner in the energy transition and this acquisition marks an important step in our continued leadership towards a future powered by clean energy. We are grateful to the Global Atlantic team for their collaboration throughout this process."
Concurrent with the transaction closing, Onward secured long-term financing with KeyBank acting as administrative agent for a bank group of relationship lenders that includes Commerzbank, CoBank, ING, NatWest, and Truist. 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.
About Onward Energy: Onward Energy is an independent power generator that owns and operates over 6 GW portfolio of solar, wind, and gas generation projects in the U.S. With 55 projects in 22 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. More information can be found at www.OnwardEnergy.com.
