Investors - JANUARY 13, 2021

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U.S. independent power producers merge to form Onward Energy

by Kali Persall

Novatus Energy and Southwest Generation, two U.S.-based independent power producers, have completed a merger to create Onward Energy.

Onward Energy, which owns 43 wind, solar and natural gas generating projects across 16 states, will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management.

“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.”

According to a statement from the companies, Onward will continue to provide services under Novatus and Southwest Generation’s existing power-purchase agreements with their respective counterparties.

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