Energy

Onward Energy to Complete the Purchase of Global Atlantic's Operating Solar Suite

Onward Energy to Complete the

Onward Energy recently announced that the company had completed the previously disclosed acquisition of Global Atlantic Financial Group's 1,171 MW operating solar portfolio. The acquisition comprises operating solar assets in eight states and positions the company as one of the most extensive operators of solar assets in the United States. With the completion of this acquisition, Onward will own and operate more than 4.3 GW of renewable energy in twenty-two states. The deal represents the largest renewable investment in Onward's history and diversifies the company's 6 GW energy generation portfolio.

Chief Executive Officer of Onward, Steve Doyon, 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."

(Source- Cision PR Newswire)

Concurrently with the closure of the deal, Onward secured long-term financing from KeyBank, which acted as the administrative agent for a bank group of relationship lenders comprising NatWest, Commerzbank, CoBank, ING, and Truist. During the deal, Global Atlantic had Onpeak Capital LLC as its financial advisor and Mayer Brown LLP as its legal advisor. Milbank LLP served as Onward's legal counsel.

About Onward Energy

Onward Energy is an independent company that generates and operates about 6 GW of renewable energy from solar, wind and gas generation projects in the U.S. It is one of the national leaders in developing clean, renewable energy. The company is a pioneer in the transition into clean energy, investing in the next generation of clean, reliable technologies that will expedite the customers and communities to meet their decarbonization objectives faster.

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