The Week in Deals
1 deal| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 2 | Project Finance | Solar | Vesper Energy | MUFG (lead), Nord/LB, Santander; Advantage Capital (PTC) | $590M | TX | Closed | $590M construction-to-term debt led by MUFG; Nord/LB and Santander as Mandated Lead Arrangers. $500M PTC purchase by Advantage Capital — one of the largest PTC transferability transactions in the IRA era. One of the largest single-asset Texas solar financings of 2024. |
Change of Control
4 movesSteve Berberich joined as President and Chief Executive Officer at Onward Energy (from President and CEO, Jamaica Public Service Company)
Former CAISO President and CEO (2011-2020) takes the helm of the 6.2 GW IPP backed by ArcLight Capital Partners. Succeeded retiring founder Steve Doyon.
Steve Doyon departed Onward Energy as President and Chief Executive Officer
Doyon founded Novatus Energy and led the merger with Southwest Generation to create Onward Energy, retiring after the 6.2 GW IPP was on firm footing.
Jesse Campbell joined as Chief Financial Officer at Jupiter Power
New CFO at the EnCap-backed battery storage developer, which is developing 12,000+ MW of energy storage projects nationwide.
Joaquin Oliveira joined as Group Chief Executive Officer at Lightsource bp (from SVP, Finance for Gas & Low Carbon Energy, bp)
Oliveira was seconded from bp to lead Lightsource bp as Group CEO following bp's agreement to take full ownership of the 62 GW solar developer. The appointment came as part of the corporate restructuring around bp's full acquisition.
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