Onward Energy to buy 1.2-GW solar bundle from KKR subsidiary

US independent power generator Onward Energy on Tuesday said it has agreed to acquire a 1,171-MW portfolio of operating solar projects in the US from life insurance and annuity Global Atlantic Financial Group, a majority-owned subsidiary of investment firm KKR.

Onward Energy did not disclose the price it is paying to purchase 100% of the cash equity interests in the portfolio, which consists of 11 arrays located in eight states.

The deal, expected to close in the third quarter of 2022, is Onward Energy’s largest renewable investment and will increase the company's portfolio to more than 6 GW of assets. Currently, it has over 5 GW of solar, wind and gas generation sites in the US.

According to Onward Energy's chief executive Steve Doyon the acquisition “is a strong fit with our existing portfolio, consistent with our view of the energy transition and complementary to our growth strategy.”

Global Atlantic chief investment officer Anup Agarwal said that the portfolio was built over seven years and expressed the company’s commitment to building its presence in this space as global clean power demand continues to increase.

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