Onward Energy gets $419 million from CIT for acquisition

By Mary-Katherine Stinson

Lexington, Ky., Nov. 17 – Onward Energy Inc. secured $419 million in financing with CIT as lead arranger for its acquisition of the Broad River power generation facility in Gaffney, S.C., according to a press release.

The financing package included a term loan, letters of credit and a working capital facility.

The five-unit, 860-megawatt simple-cycle peaking power plant is fully contracted under a long-term power purchase tolling agreement with Duke Energy Progress Inc.

Charlotte, N.C.-based Onward Energy is an independent power generator that currently owns and operates over 5GW of solar, wind, and gas generation projects in the United States.

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