United States based independent power producers Novatus Energy and Southwest Generation have announced the completion of their merger to create a new energy platform. The new platform, called Onward Energy, will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management.
According to the press announcement, Onward Energy owns 43 wind, solar, and natural gas generating projects with a total capacity of 4 GW spread across 16 states in the United States. The company has offices in New York City, Denver, and Charlotte. It will be ideally situated to help customers address the energy market’s transition to lower carbon in the country.
Onward Energy will continue to provide services under Novatus Energy’s and Southwest Generation’s existing power purchase agreements with their respective counterparties. It will also continue existing relationships with local communities.
Headquartered in New York City, Novatus Energy was a North American privately held renewable energy platform that currently owns interests in a 1.9 GW portfolio of operational renewable energy projects in the United States. The portfolio consists of 10 wind projects with a total capacity of 1,397 MW and 25 solar PV projects with a total capacity of 543 MWac. Meanwhile, Southwest Generation was a Denver-based independent power producer whose 8 natural gas power plants generate 2.3 GWs of flexible generation capacity across the United States.