The joint venture will launch with a seed portfolio targeting up to 1.2 GW of capacity in PJM; SVP’s commitment will also support the expansion of NewEdge’s platform.
Greenwich, CT, and New York, NY, October 29th, 2026 — Strategic Value Partners, L.P. (together with its affiliates, “SVP”), a global alternative investment firm, and NewEdge Power (“NewEdge”), a utility-scale and distributed power development platform, today announced a partnership under which funds managed by SVP (the “SVP Funds”) will make an initial capital commitment to establish a joint venture focused on utility-scale power and supporting the expansion of NewEdge’s platform. 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. Terms of the transaction were not disclosed.
NewEdge’s pipeline includes utility-scale battery storage and solar projects, as well as distributed power projects, across several U.S. power markets. The joint venture will launch with a seed portfolio targeting up to 1.2 GW of capacity in PJM, the grid operator serving 13 states and Washington, D.C. SVP’s commitment will enable NewEdge to advance this portfolio and pursue additional opportunities in PJM and other U.S. markets.
The partnership comes as PJM and other U.S. power markets face growing demand for electricity. Manufacturing, electrification and data center growth are increasing the need for new capacity that can come online quickly. 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. “SVP brings the scale, expertise and conviction to build on our platform’s successful track record and expand our capabilities to serve the U.S. power market during this window of opportunity.”
“Power markets are being reshaped by rising electricity demand and the need to bring new capacity online at pace. However, power demand is only part of the story. In markets like PJM, securing well-located sites and a viable path to the grid is a significant part of the growing opportunity we are seeing,” said Mike Ungari, Global Head of Real Estate at SVP. “This partnership combines NewEdge’s expertise to identify and advance those sites with SVP’s capabilities investing across power and infrastructure.”
NewEdge will lead development under the joint venture, with SVP funding 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.
“We’ve built NewEdge around securing high-quality sites and interconnection positions in the markets where new capacity is needed most,” said Steve Barna, Chief Development Officer and Co-Founder of NewEdge. “With SVP’s capital, we believe we can move our seed portfolio and pipeline through development at the pace this market requires.”
As part of the transaction, Andrew Shore, Managing Director, North American Investment Team at SVP, will join NewEdge’s Board of Directors as an observer, alongside Joe Nano and Steve Barna of NewEdge, Dave Kirkpatrick and Alan Kelley of SJF Ventures, and independent director Brent Beerley. The board brings deep power-sector experience, including SJF Ventures’ clean energy investments in Terabase Energy, Nextpower (NASDAQ: NXT, formerly Nextracker), Community Energy (sold to AES) and groSolar (sold to EDF), and Mr. Beerley’s two renewable company exits, to Iberdrola Renewables and AES.
Ackman-Ziff Real Estate Group LLC served as financial advisor to NewEdge on the transaction. Verdonck Partners LLC served as buy-side advisor to SVP. Amis, Patel & Brewer, LLP served as transaction counsel to NewEdge. Gibson, Dunn & Crutcher LLP served as transaction counsel to SVP.
About NewEdge Power
NewEdge Power is a utility-scale and distributed power development platform active across several key U.S. power markets. The company develops utility-scale battery storage, utility-scale solar and distributed power projects. NewEdge’s executive team has successfully created leading development platforms and independent power companies across both renewable and conventional power. Collectively, the team has worked on and delivered more than 48 GW of power projects across solar, battery storage, wind, geothermal, hydroelectric and conventional power. Follow NewEdge on LinkedIn or visit newedgepower.com.
About SVP
SVP is a global alternative investment firm that invests across the full range of opportunistic strategies – from performing and event driven debt to hybrid solutions, hard assets (infrastructure, real estate, power, airplanes) and special situations private equity. It has extensive resources to improve or transform companies, as well as hard assets with a team of in-house operating partners, and operating platforms in power, retail real estate and aviation. Today, SVP has approximately $22 billion in assets under management and, since inception in 2001, has invested more than $60 billion of capital. The firm, established by Victor Khosla, has over 200 employees, including over 100 investment professionals, across its main offices in Greenwich (CT), New York and London, and presences in Tokyo and Dubai. Learn more at www.svpglobal.com.
Media Contacts
NewEdge Power:
info@newedgepower.com
Strategic Value Partners:
media@svpglobal.com