U.S.-based independent power producers Novatus Energy and Southwest Generation today announced the completion of a merger of the two companies to create Onward Energy. Onward Energy will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management. Onward Energy owns 43 wind, solar, and natural gas generating projects across 16 states, and will be ideally situated to help customers address the U.S. energy market’s transition to lower carbon.
“Combining these companies positions us to be a leader in the energy transition,” said John Foster, CEO of Southwest Generation, who will serve as Executive Chairman of the merged entity. “With an array of zero-carbon renewable resources and flexible natural gas generation capabilities, the new company will be able to offer a full range of energy solutions to customers seeking reliable ways to reduce their carbon footprint.”
“By bringing together two highly productive and talented teams, we have captured the best of both companies, with Onward representing something even greater than the sum of its parts,” said Steve Doyon, CEO of Novatus Energy, who will fill the same role in the new company. “The 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.”
Onward will continue to provide services under Novatus Energy’s and Southwest Generation’s existing power purchase agreements with their respective counterparties, and looks forward to continuing existing relationships with our local communities. The integration was completed without any significant workforce disruption.
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