The Week in Deals
4 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Nov 28 | Project Finance | Solar | Excelsior Energy Capital | U.S. Bancorp Impact Finance ($400M tax equity), MUFG, Nord/LB (CLAs) | $1.30B | UT | Closed | Excelsior closed $1.3B financing for Faraday Solar (682.5 MW) in Utah. U.S. Bancorp Impact Finance committed $400M of tax equity through solar PTC partnership. $460M loan + $300M tax equity bridge + $250M ancillary facilities arranged by MUFG and Nord/LB as CLAs. Investment-grade long-term PPA. One of the largest single-asset solar financings of 2023. | |
| Nov 21 | Utility PPA | Solar | NextEra Energy Resources | Entergy Mississippi | 100 MW | MS | Announced | Wildwood Solar LLC contracted to sell the output of its 100 MW Tallahatchie County, Mississippi solar facility to Entergy Mississippi under a 20-year power purchase agreement under Mississippi PSC review. | |
| Nov 20 | Utility PPA | Solar | Swift Current Energy | NYSERDA | 401.6 MW | PA | Announced | NYSERDA awarded the Mineral Basin Solar project a 20-year power contract under New York State's 2022 Renewable Energy Standard solicitation. | |
| Nov 20 | Energy storage agreement | BESS | Ameresco | City of Santa Clara | 50 MW | CA | Announced | Silicon Valley Power selected Ameresco to build the 50 MW / 200 MWh Kifer Energy Storage project, which Ameresco owns and operates under a 25-year lease and Energy Storage Agreement with the City of Santa Clara. |
Change of Control
6 movesLawrence 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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