The Week in Deals
7 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Oct 9 | Utility PPA | Solar+BESS | Clearway Energy Group | HECO | 39 MW | HI | Closed | Oahu's first utility-scale solar+storage plant. $140M construction cost. PPA at $0.09/kWh. Selected as part of HECO's 7-project Stage 1 RFP batch (Oct 2018), approved by PUC March 2019. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0430. Expected/actual COD: 2022-08-11. Contract term: 25 years. Storage component: 39 MW / 156 MWh (4h duration). | |
| Oct 9 | Utility PPA | Solar+BESS | Clearway Energy Group | HECO | 36 MW | HI | Closed | Oahu's second utility-scale solar+storage. On 40-year lease from Kamehameha Schools in Central Oahu. Includes $200K+ workforce/community benefit package with Kamehameha Schools and Blue Planet Foundation. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0433. Expected/actual COD: 2023-01. Contract term: 25 years. Storage component: 36 MW / 144 MWh (4h duration). | |
| Oct 9 | Utility PPA | Solar+BESS | AES Distributed Energy (AES Hawaii) | HECO | 12.5 MW | HI | Closed | AES Hawaii's first solar+storage project in Hawaii. 25-year PPA at $0.115/kWh. 80 acres near University of Hawaii-West Oahu. Delayed from initial 2021 COD to April 2024 commissioning. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0432. Expected/actual COD: 2024-04. Contract term: 25 years. Storage component: 12.5 MW / 50 MWh (4h duration). | |
| Oct 9 | Utility PPA | Solar+BESS | Innergex Renewable Energy | HECO (Hawaiian Electric Light Co / HELCO) | 30 MW | HI | Closed | Located on historic Parker Ranch land near Waimea. Innergex closed $100M loan to finance the project. 25-year PPA with HELCO. COD March 25, 2025. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0435. Expected/actual COD: 2025-03-25. Contract term: 25 years. Storage component: 30 MW / 120 MWh (4h duration). | |
| Oct 9 | Utility PPA | Solar+BESS | AES Distributed Energy (AES Hawaii) | HECO (HELCO) | 30 MW | HI | Closed | Largest renewable project on Hawaii Island at COD. 25-year PPA at $0.09/kWh. 30 MWac/43 MWdc bifacial single-axis trackers + 30 MW/120 MWh BESS. Increased Hawaii Island RPS from 48% to 54%. Powers ~13,600 homes. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0436. Expected/actual COD: 2023-04. Contract term: 25 years. Storage component: 30 MW / 120 MWh (4h duration). | |
| Oct 9 | Utility PPA | Solar+BESS | AES Distributed Energy (AES Hawaii) | HECO (MECO - Maui Electric) | 60 MW | HI | Closed | Hawaii's largest solar facility (at COD). 25-year PPA at $0.08/kWh - one of the lowest in the state for renewable energy. 450 acres leased from Mahi Pono in Central Maui. Operational May 31, 2024. RFP: Stage 1 (2018 RFP). Hawaii PUC docket: Docket 2018-0434. Expected/actual COD: 2024-05-31. Contract term: 25 years. Storage component: 60 MW / 240 MWh (4h duration). | |
| Oct 8 | Corporate M&A | Solar+BESS | Apollo Global Management funds | — | $1.00B | Multi-state | Closed | Apollo acquires ~20 equity investments from GE Capital EFS for ~$1B. Major GE divestiture as part of broader retrenchment. |
Change of Control
8 movesMichael A. Brown joined as Senior Vice President, General Counsel and Corporate Secretary at Clearway Energy, Inc. (from Vice President, Assistant General Counsel and Corporate Secretary, The New York Times Company)
Clearway Energy — one of the largest US clean-energy generation owners, with assets across 27 states — brought back a former in-house lawyer to take its top legal seat, succeeding retiring GC Kevin Malcarney. Brown returns from The New York Times Company, where he was assistant GC, after an earlier 2014-2021 stint at Clearway and NRG Yield.
Kevin P. Malcarney departed Clearway Energy, Inc. as EVP, General Counsel and Corporate Secretary
Kevin Malcarney is retiring as Clearway Energy's top lawyer effective June 1, capping a tenure that spanned the company's growth into one of the largest US clean-energy owner-operators since he took the GC seat in 2018. He remains a non-executive employee through June 26; Michael A. Brown succeeds him.
Erik Johnson departed SOLV Energy as Chief Strategy Officer
Erik Johnson resigned as Chief Strategy Officer of SOLV Energy — the utility-scale solar EPC that went public in February 2026 — and transitioned to a non-executive employee role through year-end. No successor was disclosed in the 8-K.
Jing Nealis joined as Chief Financial Officer at NeoVolta Inc. (from Chief Financial Officer, SES AI Corporation)
NeoVolta, a San Diego-based battery-storage maker, hired Jing Nealis as CFO from EV-battery firm SES AI as it stands up domestic BESS manufacturing in Georgia (2 GWh initial capacity, targeting 8 GWh). She brings 20-plus years of energy-transition and manufacturing finance experience to the residential-to-utility/C&I expansion.
Steve Bond named Executive Vice President and President at NeoVolta Power LLC (from Chief Financial Officer, NeoVolta Inc.)
In the same announcement that named Jing Nealis CFO, NeoVolta's outgoing finance chief Steve Bond shifted to EVP and President of operating subsidiary NeoVolta Power LLC, taking direct charge of the company's Georgia battery-manufacturing buildout — a CFO-to-operations move that freed the finance seat.
Ravi Abbineni joined as Chief Financial Officer at ION Storage Systems (from Senior Vice President and CFO, JM Family Enterprises)
Maryland-based solid-state battery developer ION Storage Systems hired a finance chief from large privately-held JM Family Enterprises, signaling a push toward commercial scale-up of its solid-state cell technology.
Robert Vinje joined as Chief Operating Officer at Nextpower (from Chief Operating Officer, SOLARCYCLE)
Nextpower (the solar-tracker maker that rebranded from Nextracker in Nov 2025) hired SOLARCYCLE COO Robert Vinje as its COO — a SunPower and Amazon energy-operations veteran. Comp: $475K base, 70% target bonus from FY27, $4M FY27 equity award, $250K sign-on cash.
Marco Miller named Chief Project Development Officer at Nextpower (from Chief Operating Officer, Nextpower)
Nextpower's incumbent COO Miller shifts into a newly created Chief Project Development Officer role concurrent with Robert Vinje's COO appointment — reflecting the company's post-rebrand push into integrated power technology and project services.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.