Two IPPs Merge To Form Onward Energy
January 12, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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U.S.-based independent power producers Novatus Energy and Southwest Generation today announced the completion of a merger of the two companies to create Onward Energy.
Onward Energy owns 43 wind, solar, and natural gas generating projects totaling over 4 GW across 16 states. Onward Energy said that it, "will be ideally situated to help customers address the U.S. energy market's transition to lower carbon."
Onward Energy will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management.
John Foster, CEO of Southwest Generation, will serve as Executive Chairman of the merged entity.
Steve Doyon, CEO of Novatus Energy, will fill the same role in the new company.
Onward will continue to provide services under Novatus Energy's and Southwest Generation's existing power purchase agreements with their respective counterparties
Novatus Energy was a North American privately-held renewable energy platform that owned interests in a 1.9 GW portfolio of operational wind and solar projects in the U.S., consisting of 10 wind projects (1,397 MW) and a portfolio of 25 solar PV projects (543 MWac).
Southwest Generation was a Denver-based independent power producer with 8 natural gas power plants representing 2.3 gigawatts across the United States.