Merger creates 4-GW clean energy platform, backed by JP Morgan

Comanche. Source: Novatus Energy (www.novatusenergy.com)

January 13 (Renewables Now) - US independent power producers Novatus Energy and Southwest Generation have merged to create a larger company with more than 4 GW of renewable energy and natural gas capacity.

The enlarged business, called Onward Energy, is owned by institutional investors advised by JP Morgan Asset Management. It has 43 wind, solar and natural gas-fired power plants across 16 US states. The company will continue to service existing power purchase agreements (PPAs).

The renewable power assets now held by Onward Energy came from Novatus Energy, which, prior to the combination, owned interests in 10 wind projects totalling 1,397 MW and a portfolio of 25 solar photovoltaic (PV) projects with a combined capacity of 543 MW.

Onward Energy will be led by Novatus’ CEO Steve Doyon, retaining that position, and Southwest Generation’s own CEO, John Foster, serving as executive chairman.

"With an array of zero-carbon renewable resources and flexible natural gas generation capabilities, the new company will be able to offer a full range of energy solutions to customers seeking reliable ways to reduce their carbon footprint,” Foster commented.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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