US-based energy company Onward Energy has entered a binding agreement with Global Atlantic Financial Group to acquire all the cash equity interests in a 1.17GW operational solar portfolio.

The solar portfolio includes a total of 11 projects located across eight different US states.

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The financial details of the deal have not been disclosed.

Global Atlantic chief investment officer Anup Agarwal said: “This portfolio is part of a diverse set of solar investments that we’re proud to have built over the past seven years, and we believe that Onward Energy will be an excellent steward of these assets.

“We were pleased to reach an agreement and are committed to building our presence in this space as global demand for clean power continues to rise.”

The deal is expected to close in the third quarter of this year subject to customary closing conditions.

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It will increase Onward Energy’s portfolio of diverse power generation assets to more than 6GW.

Onward Energy CEO Steve Doyon 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.

“Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly.”

Onpeak Capital served as financial advisor to Global Atlantic for the deal, while Mayer Brown served as the company’s legal advisor.

Milbank served as legal adviser to Onward.

Onward Energy owns and operates more than 5GW of solar, wind and gas generation capacity in the US, with 45 projects located across 18 states.

The company aims to invest in the next generation of reliable, clean technologies to enable its customers and communities to meet their decarbonisation goals more quickly.