SVP Backs NewEdge Power in 1.2 GW Battery Storage Venture

Funds managed by Strategic Value Partners have 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. That is roughly the output scale of a large nuclear unit's worth of batteries, aimed at the grid operator serving 13 states and Washington, D.C.

The deal pairs SVP's capital with NewEdge's development engine. SVP funds will make an initial capital commitment to establish the joint venture and will also back expansion of NewEdge's development platform. NewEdge will lead development, while SVP funds selected projects as they move forward.

NewEdge is not a first-time bet. SJF Ventures led its Series A financing in 2025, alongside Segue Sustainable Infrastructure and North Sky Capital. The company's broader pipeline spans utility-scale battery storage, solar, and distributed power projects across several U.S. markets. Its management team claims a track record of more than 48 GW delivered across battery storage, solar, wind, geothermal, hydroelectric, and conventional generation — a figure covering the team's collective prior work, not NewEdge's own portfolio. That distinction matters when weighing the company's execution capacity.

Why battery storage, and why now?

The partnership arrives as electricity demand climbs on the back of data center construction, manufacturing reshoring, and electrification. Battery storage can be developed relatively quickly compared with some new generation resources, and it can help power markets manage reliability, capacity obligations, and shifting load patterns.

Joe Nano, CEO and co-founder of NewEdge Power, framed the opportunity in direct terms: "Battery storage has emerged as a critical part of the solution that can be delivered quickly to meet this need. 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."

Note what the statement promises — scale and speed — and what it does not specify: megawatts beyond the initial 1.2 GW target, a timeline for construction, or capital amounts. The companies did not disclose the size of SVP's investment. Takeaway: the ambition is clear, the financial terms are not.

What does the joint venture actually build?

The venture launches with a seed portfolio of projects in PJM. SVP's investment will also fund NewEdge's development staff and capabilities. The companies see value not only in identifying markets with rising demand but also in securing sites and interconnection positions — the queue slots that often decide whether a project reaches operation on schedule.

Steve Barna, chief development officer and co-founder of NewEdge Power, said: "With SVP's capital, we believe we can move our seed portfolio and pipeline through development at the pace this market requires."

Mike Ungari, global head of real estate at Strategic Value Partners, emphasized the division of labor: "This partnership combines NewEdge's expertise to identify and advance those sites with SVP's capabilities investing across power and infrastructure."

Takeaway: the venture's edge, if it has one, lies in securing interconnection positions early rather than in technology.

Who sits where after the deal

Andrew Shore, managing director on SVP's North American Investment Team, will join NewEdge's board as an observer — a governance signal, though a limited one given the observer status. The advisory bench was crowded: Ackman-Ziff advised NewEdge, and Verdonck Partners advised SVP. Amis, Patel & Brewer provided legal representation to NewEdge; Gibson Dunn represented SVP.

SVP manages approximately $22 billion and invests across credit, infrastructure, real estate, power, aviation, and special situations. For a firm of that size, a 1.2 GW storage platform is a focused power bet, not a diversification move. Whether the venture hits its target will depend on PJM's interconnection queue, not on the press release.

The next test is concrete: which seed projects reach construction, and how fast.