M&A Deal Summary

Onward Energy Acquires Broad River Energy

On November 17, 2022, Onward Energy acquired renewable energy company Broad River Energy from The Silverfern Group and Arroyo Energy Investors

Acquisition Highlights
  • This is Onward Energy’s 1st transaction in the Renewable Energy sector.
  • This is Onward Energy’s 1st transaction in the United States.
  • This is Onward Energy’s 1st transaction in South Carolina.

M&A Deal Summary

Date 2022-11-17
Target Broad River Energy
Sector Renewable Energy
Buyer(s) Onward Energy
Sellers(s) The Silverfern Group
Arroyo Energy Investors
Deal Type Add-on Acquisition

Target

Broad River Energy

Gaffney, South Carolina, United States
Broad River Energy is an 850 MW dual-fuel, simple-cycle power generation facility located in Gaffney, South Carolina that is fully committed to Duke Energy Progress under two long-term tolling agreements. Broad River utilizes 5 GE 7FA.03 gas turbine generators for the generation of electrical power. The units can be on the grid and supplying power within 15 minutes to help serve peak and emergency loads.

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Buyer(S) 1

Buyer

Onward Energy

Charlotte, North Carolina, United States

Category Company
Sector Renewable Energy
DESCRIPTION

Onward Energy is an independent power platform that owns and operates over 4,000 MW of utility-scale wind, solar and natural gas generation projects across the U.S. Onward Energy is based in Charlotte, North Carolina.


DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1

Seller(S) 2

DESCRIPTION

The Silverfern Group is an asset management firm focused on investing in private equity, real estate, and private debt transactions on behalf of institutional investors and single family offices. The Firm will consider opportunities across North/South America, Europe, and Asia. Within its private equity practice, Silverfern makes direct, co-control middle-market private equity investments requiring $25 to $150 million of equity per transaction. Sectors of interest include energy, financial services, food, hospitality, IT, power equipment rental, renewable energy, telecom, transportation, and waste management. The Silverfern Group was established in 2001 and is headquartered in New York City.


DEAL STATS #
Overall 9 of 9
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (South Carolina) 1 of 1
Country (United States) 6 of 6
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-18 Waste Services Group

Braeside, Australia

Waste Services Group provides diversified waste collection services to the Australian commercial and industrial sectors, utilizing front-lift waste removal trucks to collect customer waste streams and providing national broker and account management services for commercial and industrial customers with multi-site and complex waste collection requirements. Waste Services Group was founded in 2016 and is based in Braeside, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-05 Le Sueur

Le Sueur, Minnesota, United States

Le Sueur is a supplier of complex precision aluminum castings and plastic injection molded components. Le Sueur is based in Le Sueur, Minnesota.

Buy -
DESCRIPTION

Arroyo Energy Investors is a private investment firm focused on opportunities in the energy industry. The Firm has a particular interest in energy infrastructure and will consider businesses throughout the US, Mexico, and Chile. Arroyo Energy Investors was formed in 2003 and is headquartered in Spring, Texas.


DEAL STATS #
Overall 3 of 3
Sector (Renewable Energy) 3 of 3
Type (Add-on Acquisition) 2 of 2
State (South Carolina) 1 of 1
Country (United States) 2 of 2
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-19 ARCO

Chile

ARCO is a 215 MW utility-scale, renewable power generation assets, and 75 MW distributed, renewable generation assets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-01 Seaside LNG

Spring, Texas, United States

Seaside LNG provides LNG production and maritime transportation logistics to meet the growing demand for LNG, a cleaner alternative fuel, to customers in the maritime, aerospace and transportation industries. Seaside LNG is based in Spring, Texas.

Buy -