The Week in Deals
6 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). |
Change of Control
8 movesMike Mancini departed Energy Recovery, Inc. as Chief Financial Officer
Mancini steps down as CFO of Energy Recovery (NASDAQ: ERII) effective immediately, with the 8-K explicitly noting no disagreement with the company. Departure pairs with CEO David Moon's announced retirement intent — a tandem leadership reset at the Tracy, CA pressure-exchanger maker as it pivots into hydrogen, CO2 refrigeration, and wastewater-treatment crossovers.
Aidan Ryan named interim Interim Chief Financial Officer at Energy Recovery, Inc. (from Vice President of Finance, Energy Recovery, Inc.)
Ryan, 42, slides up from VP of Finance to Interim CFO at Energy Recovery — a fast-track for someone who joined only two years ago from Astranis Space Technologies (head of finance there). Compensation: $327,600 base, $12K/month interim stipend, $215K RSU grant. Wharton MBA / Michigan undergrad — likely a stalking-horse for the permanent role as the company runs a parallel CEO search.
Amanuel Haile-Mariam named Senior Managing Director and Co-Chief Investment Officer at HA Sustainable Infrastructure Capital (from Senior Managing Director, Grid-Connected Investments, HA Sustainable Infrastructure Capital)
Haile-Mariam was the architect of HASI's $1.2B Sunzia transmission investment and grew the grid-connected book since joining in 2021. Promotion to co-CIO (paired with Reynolds) formalizes a split investment-leadership structure at the NYSE-listed sustainable-infra investor as it leans further into transmission and behind-the-meter alongside its core grid-scale solar and wind portfolio.
Annmarie Reynolds named Senior Managing Director and Co-Chief Investment Officer at HA Sustainable Infrastructure Capital (from Senior Managing Director, Fuels, Transport and Nature Investments, HA Sustainable Infrastructure Capital)
Reynolds built HASI's Fuels, Transport and Nature investment business from scratch starting in 2022 (RNG, transport-fuel infrastructure, nature-based assets). Her co-CIO appointment signals HASI's ambition to keep diversifying beyond grid-scale solar and wind as renewable tax-credit policy uncertainty pushes lenders to widen the addressable book.
Daniela Shapiro named Senior Managing Director and Co-Chief Risk Officer at HA Sustainable Infrastructure Capital (from Senior Managing Director, Behind-the-Meter Investments, HA Sustainable Infrastructure Capital)
Shapiro originated HASI's $500M Sunrun residential-solar JV and grew the behind-the-meter book since 2022. Co-CRO role (paired with Viral Amin, who stays in seat) plus voting Investment Committee seat gives BTM portfolio direct voice on IC - meaningful structural acknowledgment that DG/residential risk is now a core, not adjacent, vertical at HASI.
David Moon departed Energy Recovery, Inc. as President and Chief Executive Officer
Moon notified Energy Recovery's board of his intent to retire upon appointment of a successor; he remains in seat during the search and will provide advisory support through the transition. Pairs with CFO Mike Mancini's same-day resignation (move-2026-246) - a tandem reset at the Tracy, CA pressure-exchanger maker as it pivots from desalination toward hydrogen, CO2 refrigeration and wastewater treatment.
Marc Pangburn joined as Partner at GoodFinch (from Senior Managing Director, HA Sustainable Infrastructure Capital)
Pangburn departs after 13 years at HASI to join GoodFinch - HASI's SunStrong joint-venture partner - as Partner, with a remit to optimize the SunStrong residential-solar lease portfolio. A 'kicked-upstairs to the affiliate' move that keeps the relationship aligned while shifting day-to-day stewardship of the SunStrong book outside HASI's balance sheet.
Mona Dajani joined as Partner and Co-Chair, Infrastructure, Energy and Real Estate Group at Cooley LLP (from Global Co-Chair, Energy, Infrastructure and Hydrogen Practice, Baker Botts LLP)
Dajani is one of the marquee project-finance lawyers covering sponsors, utilities, PE/infra funds and tax-equity investors across solar, wind, storage and hydrogen. Her arrival in New York anchors Cooley's launch of a dedicated Infrastructure, Energy & Real Estate practice (co-chaired with data-center partner Michelle Schulman) - a notable AmLaw 100 platform shift as firms position for the AI-driven power capex cycle.
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