SVP, NewEdge Form Power JV Targeting 1.2 GW in PJM
Strategic Value Partners and NewEdge Power have announced a partnership to develop utility-scale power projects, launching with a seed portfolio targeting up to 1.2 gigawatts of capacity in the PJM electricity market. Funds managed by SVP will make an initial capital commitment to establish the joint venture and support NewEdge’s expansion.
NewEdge will lead development, with SVP financing selected projects as they advance. A separate platform investment, funded over the investment period, will support the company’s development team and capabilities.
The partnership targets opportunities created by rising electricity consumption and constraints on bringing new capacity online. PJM operates the grid across 13 states and Washington, D.C.
“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,” said Joe Nano, NewEdge’s CEO and co-founder.
NewEdge’s broader pipeline includes utility-scale battery storage, solar and distributed power projects across several U.S. markets.
Mike Ungari, SVP’s global head of real estate, said the opportunity extends beyond demand growth to securing suitable sites and viable grid connections, particularly in PJM.
The investment builds on backing from SJF Ventures, which led NewEdge’s Series A financing in 2025, and initial investment partners Segue Sustainable Infrastructure and North Sky Capital.
Andrew Shore, a managing director on SVP’s North American investment team, will become a NewEdge board observer.
Founded by Victor Khosla in 2001, SVP manages approximately $22 billion and has invested more than $60 billion since inception.
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.