Comanche Solar, a 156MW PV project acquired by Novatus Energy in 2017. Image: Novatus.
Independent power producers Novatus Energy and Southwest Generation have merged to create Onward Energy.
The new company is owned by institutional investors who were advised by J.P. Morgan Asset Management. The deal will combine Novatus’ 1.9GW portfolio of solar and wind projects in the US and Southwest Generation’s 2.3GW of natural gas projects to jointly own 43 wind, solar and natural gas plants across 16 US states, including 543MWac of PV capacity.
John Foster, the chief executive of Colorado-headquartered Southwest, will become the merged entity’s executive chairman, while Novatus chief Steve Doyon will keep his job title and report to Foster as Onward Energy’s CEO.
Foster said the merger would place the new company as a “leader in the energy transition” in the US, that will offer a “full range” of energy solutions for its customers.
Doyon called the new entity the “best of both companies”, adding that the country’s energy transition “calls not only for flexible resources, but skilled and experienced teams to ensure clean and reliable power for customers across the United States; and backed by long term capital, Onward is ideally positioned to respond to those needs."
The announcement comes as renewables are set to take increased market share from natural gas power producers in the US electricity generation market in the coming years. In January, the US Energy Information Administration predicted that natural gas generation will be eclipsed by wind, solar and hydro energy within the next 30 years, holding a 36% share of the market compared to 38% for renewables.
Jan 20, 2021 GMT
Virtually all PV modules for large-scale utility-based solar sites are imported to the US, especially from Chinese companies using manufacturing sites across Southeast Asia. This puts extreme pressure on US site developers, EPCs and investors, in understanding fully the differences between the companies offering imported PV modules How credible are the companies supplying the products? What is the financial health of the parent entity? Where is the module produced, and is this undertaken in-house or through third-party OEMs? What is the supply-chain for the module sub-components including wafers and cells? And then, how will the modules perform in the field, and is it possible to gauge reliability levels benchmarked against competitors? This webinar will provide insights from two of the leading experts in PV module manufacturing, supply, performance and reliability: Jenya Meydbray of PV Evolution Labs and Finlay Colville from PV-Tech. The 1-hour session will include presentations from Jenya and Finlay, and then a brand-new supplier scorecard matrix that combines the key outputs from PVEL's Module Reliability Scorecard and PV-Tech's PV ModuleTech Bankability Ratings, with specific focus on module supply and use in the US market.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.