Key Takeaways
- • Strategic Value Partners (SVP), which manages approximately $22 billion, invested in NewEdge Power and formed a joint venture targeting up to 1.2 GW of utility-scale battery storage capacity in the PJM power market.
- • SVP funds will make an initial capital commitment to establish the joint venture and support expansion of NewEdge's development platform, including its development staff and capabilities.
- • The joint venture launches with a seed portfolio of PJM projects, with NewEdge leading development while SVP funds selected projects as they advance.
- • NewEdge's management team has delivered more than 48 GW of projects across battery storage, solar, wind, geothermal, hydroelectric and conventional generation, according to the company.
- • Andrew Shore, Managing Director on SVP's North American Investment Team, will join NewEdge's board as an observer.
Summary
Strategic Value Partners has invested in NewEdge Power and formed a joint venture that will initially target up to 1.2 GW of utility-scale battery storage capacity in the PJM power market, the grid operator serving 13 states and Washington, D.C. Funds managed by SVP will make an initial capital commitment to establish the joint venture and will also support expansion of NewEdge's development platform. NewEdge was previously backed by SJF Ventures, which led its Series A financing in 2025, along with Segue Sustainable Infrastructure and North Sky Capital.
The joint venture will launch with a seed portfolio of projects in PJM. NewEdge will lead development while SVP funds selected projects as they move forward. NewEdge's broader pipeline includes utility-scale battery storage, solar and distributed power projects across several U.S. markets. The companies said they see value in identifying markets with rising demand and in securing sites and interconnection positions that can support timely project deployment.
The partnership comes as electricity demand rises from data center construction, manufacturing reshoring and electrification. According to the companies, battery storage can be developed relatively quickly compared with some new generation resources and can help power markets manage reliability, capacity and changing load patterns. Joe Nano, CEO and co-founder of NewEdge Power, said battery storage "has emerged as a critical part of the solution that can be delivered quickly to meet this need." Mike Ungari, Global Head of Real Estate at SVP, said the partnership combines NewEdge's site identification expertise with SVP's power and infrastructure capabilities. Steve Barna, Chief Development Officer and co-founder of NewEdge Power, said SVP's capital will help move the seed portfolio and pipeline through development "at the pace this market requires."
Ackman-Ziff advised NewEdge, while Verdonck Partners advised SVP. Amis, Patel & Brewer represented NewEdge, and Gibson Dunn represented SVP.
The joint venture will launch with a seed portfolio of projects in PJM. NewEdge will lead development while SVP funds selected projects as they move forward. NewEdge's broader pipeline includes utility-scale battery storage, solar and distributed power projects across several U.S. markets. The companies said they see value in identifying markets with rising demand and in securing sites and interconnection positions that can support timely project deployment.
The partnership comes as electricity demand rises from data center construction, manufacturing reshoring and electrification. According to the companies, battery storage can be developed relatively quickly compared with some new generation resources and can help power markets manage reliability, capacity and changing load patterns. Joe Nano, CEO and co-founder of NewEdge Power, said battery storage "has emerged as a critical part of the solution that can be delivered quickly to meet this need." Mike Ungari, Global Head of Real Estate at SVP, said the partnership combines NewEdge's site identification expertise with SVP's power and infrastructure capabilities. Steve Barna, Chief Development Officer and co-founder of NewEdge Power, said SVP's capital will help move the seed portfolio and pipeline through development "at the pace this market requires."
Ackman-Ziff advised NewEdge, while Verdonck Partners advised SVP. Amis, Patel & Brewer represented NewEdge, and Gibson Dunn represented SVP.
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