Independent power producer (IPP) Onward Energy has entered into a bidding agreement to acquire 1,171MW of operating solar assets from life insurance company Global Atlantic Financial Group.
The portfolio includes 11 projects across eight US states and marks the IPP’s largest renewable investment in its history.
With the acquisition of more than 1.1GW of solar assets it will bring the portfolio to over 6GW of capacity between 45 solar, wind and gas projects in 18 states.
Steve Doyon, chief executive officer at Onward Energy, said: “We believe that this acquisition of high quality solar assets is a strong fit with our existing portfolio, consistent with our view of the energy transition and complementary to our growth strategy.”
The life insurance company continues to sell its investments in the solar market after it sold its stake in solar and storage developer Origis Energy to Antin Infrastructure Partners, a private equity firm, in October 2021.
The transaction is expected to close during the third quarter of 2022.