Novatus Energy and Southwest Generation, U.S.-based independent power producers, have completed 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 says it 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.
“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,” says 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 U.S.”
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 local communities. The integration was completed without any significant workforce disruption.