SVP and NewEdge Power Form Joint Venture to Fund 1.2 GW Battery Portfolio

Funds managed by Strategic Value Partners will make an initial capital commitment to establish a joint venture with NewEdge Power, the utility-scale and distributed power development platform, under an agreement announced.

Capital Commitment Anchors Utility-Scale JV

Terms of the transaction were not disclosed. The new venture is dedicated to utility-scale power and to supporting the expansion of NewEdge's platform, with SVP's commitment positioned to advance the company's portfolio and to pursue additional opportunities in PJM and other U.S. markets.

NewEdge will lead development under the joint venture structure, while SVP will fund select projects as they progress. SVP's platform investment in NewEdge will also be funded over the investment period to support and expand the company's development team and capabilities.

"With SVP's capital, we believe we can move our seed portfolio and pipeline through development at the pace this market requires," said Steve Barna, Chief Development Officer and Co-Founder of NewEdge. Barna said the company has been built around securing high-quality sites and interconnection positions in the markets where new capacity is needed most.

Seed Portfolio Targets 1.2 GW in PJM

The joint venture launches with a seed portfolio targeting up to 1.2 GW of capacity in PJM, the grid operator serving 13 states and Washington, D.C. NewEdge's broader pipeline includes utility-scale battery storage and solar projects, as well as distributed power projects, across several U.S. power markets.

The announcement arrives amid growing electricity demand in PJM and other U.S. power markets, where manufacturing, electrification and data center growth are increasing the need for new capacity that can come online quickly. According to the announcement, battery storage is one resource that can help meet that need on a tight timeline and cost effectively.

"For decades, power availability was taken for granted as demand stayed flat. Today, with unprecedented demand growth driven by data centers and the reshoring of manufacturing, we're seeing a need for new resources to serve the market.

Battery storage has emerged as a critical part of the solution that can be delivered quickly to meet this need," said Joe Nano, Chief Executive Officer and Co-Founder of NewEdge. Nano added that SVP brings the scale, expertise and conviction to build on the platform's track record and expand its capabilities during what he described as a window of opportunity.

SVP Sees Site and Grid Access as Key to Opportunity

Mike Ungari, Global Head of Real Estate at SVP, said power markets are being reshaped by rising electricity demand and the need to bring new capacity online at pace. He noted that in markets like PJM, securing well-located sites and a viable path to the grid is a significant part of the growing opportunity, and that the partnership combines NewEdge's expertise in identifying and advancing those sites with SVP's capabilities in investing across power and infrastructure.

The partnership builds on NewEdge's existing backing from SJF Ventures, which led its Series A financing in 2025, and from its initial investment partners, Segue Sustainable Infrastructure and North Sky Capital.

Board Adds SVP Observer, Draws on Industry Track Record

As part of the transaction, Andrew Shore, Managing Director on SVP's North American Investment Team, will join NewEdge's Board of Directors as an observer. He will sit alongside Joe Nano and Steve Barna of NewEdge, Dave Kirkpatrick and Alan Kelley of SJF Ventures, and independent director Brent Beerley.

The company said the board brings deep power-sector experience. SJF Ventures' clean energy investments include Terabase Energy, Nextpower (NASDAQ: NXT, formerly Nextracker), Community Energy (sold to AES) and groSolar (sold to EDF), while Beerley has had two renewable company exits, to Iberdrola Renewables and AES.

Advisors to the Transaction

Several advisory roles were disclosed in connection with the deal. Ackman-Ziff Real Estate Group LLC served as financial advisor to NewEdge, and Verdonck Partners LLC served as buy-side advisor to SVP. Amis, Patel & Brewer, LLP served as transaction counsel to NewEdge, while Gibson, Dunn & Crutcher LLP served as transaction counsel to SVP.

The Companies Behind the Deal

NewEdge Power is a utility-scale and distributed power development platform active across several key U.S. power markets, developing utility-scale battery storage, utility-scale solar and distributed power projects. Its executive team has collectively worked on and delivered more than 48 GW of power projects across solar, battery storage, wind, geothermal, hydroelectric and conventional power.

SVP is a global alternative investment firm investing across opportunistic strategies ranging from performing and event driven debt to hybrid solutions, hard assets including infrastructure, real estate, power and airplanes, and special situations private equity.

The firm has approximately $22 billion in assets under management and, since its inception in 2001 by Victor Khosla, has invested more than US D60 billion of capital. SVP has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich, New York and London, with presences in Tokyo and Dubai.