Strategic Value Partners invests in NewEdge Power and forms battery storage venture

Strategic Value Partners and NewEdge Power said funds managed by SVP will make an initial capital commitment to a joint venture focused on utility-scale power. The joint venture will launch with a seed portfolio targeting up to 1.2 GW of capacity in PJM, and SVP's commitment will also support the expansion of NewEdge's platform. Terms were not disclosed.

NewEdge will lead development under the joint venture, with SVP funding select projects as they progress. SVP's platform investment in NewEdge will be funded over the investment period to expand the company's development team and capabilities. The partnership builds on NewEdge's existing backers, SJF Ventures, Segue Sustainable Infrastructure and North Sky Capital.

Andrew Shore of SVP will join NewEdge's board as an observer. Ackman-Ziff Real Estate Group served as financial advisor to NewEdge, Verdonck Partners as buy-side advisor to SVP, Amis, Patel & Brewer as NewEdge's transaction counsel, and Gibson, Dunn & Crutcher as SVP's transaction counsel.