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ONWARD ENERGY TO ACQUIRE A 1,171 MW OPERATING SOLAR PORTFOLIO FROM GLOBAL ATLANTIC

Onward Energy | July 06, 2022 | Read time : 02:13 min

ONWARD ENERGY TO ACQUIRE
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 ("Global Atlantic"). 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. 

 "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."

-Steve Doyon, Onward Energy's Chief Executive Officer

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).

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Nautilus Solar Energy, LLC and TurningPoint Energy (“TPE”) announce their collaboration on six community solar projects in Delaware totaling 28.7 MWdc of solar capacity. The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction during 2024. The acquisition of the portfolio marks Nautilus's entry into the Delaware market and is the third transaction between Nautilus and TPE, demonstrating the strong partnership between the two organizations. The six projects were developed by TPE as part of Delaware’s community solar program. Originally signed into law in September 2021, the program accelerates the adoption of community solar projects by removing existing barriers to participation and promulgating a requirement that reserves 15% of each project’s capacity for low-income customers. 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Additionally, TPE makes a charitable community investment commitment in each of its community solar project communities. For these six projects, TPE has designated a total of $120,000 in planned donations to local organizations and Nautilus has committed to match this commitment to double the total community investment in Delaware to $240,000. Once completed, the community solar projects will provide clean energy to more than 5,000 residential and small commercial subscribers within DPL’s utility territory. Over their lifetime, the projects are expected to generate approximately 50 million kWh annually, contributing to Delaware’s stated goals of providing economic growth, workforce opportunities, and 40 percent renewable energy by 2035. About TurningPoint Energy TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. 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Nautilus Solar Energy and TurningPoint Energy Announce Partnership on a 28.7 MWdc Community Solar Portfolio in Delaware

Businesswire | August 04, 2023

Nautilus Solar Energy, LLC and TurningPoint Energy (“TPE”) announce their collaboration on six community solar projects in Delaware totaling 28.7 MWdc of solar capacity. The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction during 2024. The acquisition of the portfolio marks Nautilus's entry into the Delaware market and is the third transaction between Nautilus and TPE, demonstrating the strong partnership between the two organizations. The six projects were developed by TPE as part of Delaware’s community solar program. Originally signed into law in September 2021, the program accelerates the adoption of community solar projects by removing existing barriers to participation and promulgating a requirement that reserves 15% of each project’s capacity for low-income customers. 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