The Week in Deals
1 deal| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Nov 16 | Power Purchase & Offtake | Wind | Caprock Wind LLC | Western Farmers Electric Co-operative | — | OK | Operating | Utility-side renewable PPA discovered via FERC EQR (contract C1). Signed 2023-11-16. COD 2023-11-16. Term ends 2048-11-16. MW not disclosed in FERC contract data — research enrichment pending. BA: unspecified. |
Change of Control
7 movesAndrew Brown named interim Interim Chief Operating Officer at Ørsted (from Former Chief Executive Officer, Galp Energia)
Board director Brown — former Galp CEO, ex-Shell executive — named interim COO during Q4 2023 offshore wind crisis when Ørsted took $4B+ impairment on Sunrise/Ocean Wind. Handed off to Patrick Harnett March 2024.
Lawrence Coben named interim Interim President and Chief Executive Officer at NRG Energy (from Chair of the Board, NRG Energy)
Board Chair Coben (since 2017) named interim CEO upon Mauricio Gutierrez's departure. Move came amid Elliott Investment Management activism; Elliott had disclosed >13% economic stake and called for boardroom overhaul.
Mauricio Gutierrez departed NRG Energy as President and Chief Executive Officer
CEO since 2015 departed amid Elliott activist pressure. Elliott called the $2.8B Vivint Smart Home acquisition "the single worst deal in the power and utilities sector in the past decade" and pushed for Gutierrez's ouster.
Marwan Fawaz appointed Director at NRG Energy (from Former Executive, Google/Alphabet)
Former Google/Alphabet executive joined NRG board as part of cooperation agreement with activist Elliott Investment.
Kevin Howell appointed Director at NRG Energy (from Former Chief Operating Officer, Dynegy)
Former Dynegy COO joined NRG board as part of activist-driven governance overhaul.
Alex Pourbaix appointed Director at NRG Energy (from Executive Chair and Former CEO, Cenovus Energy)
Cenovus Energy Executive Chair joined NRG board as Elliott-backed independent director.
Marcie Zlotnik appointed Director at NRG Energy (from Co-Founder, StarTex Power)
StarTex Power co-founder joined NRG board as the fourth Elliott-backed director appointment.
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