The Week in Deals
9 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jun 7 | Power Purchase & Offtake | Geothermal | Fervo Energy | Google (via NV Energy Clean Transition Tariff) | 115 MW | NV | Announced | First-ever utility 'Clean Transition Tariff' (CTT) structure approved by Nevada Public Utilities Commission. Google purchases firm clean power from Fervo's Corsac Station via NV Energy. Powers Google's Storey County (NV) data centers. Innovative regulatory structure for hyperscaler-firm-clean-power matching. | |
| Jun 7 | Power Purchase & Offtake | Solar+BESS | NextEra Energy Resources | Entergy | 4,500 MW | AR, LA, MS, TX | Announced | Largest US utility-IPP renewables development deal of 2024. 5-year development partnership. Addresses ~6.2 GW load growth across Entergy's footprint, including data centers (e.g., Meta hyperscale campus). NextEra develops; Entergy potentially owns or contracts. | |
| Jun 6 | Corporate M&A | Solar+BESS | PNE AG (Germany) | Lotus Infrastructure Partners | 3,000 MW | Multi-state | Closed | Lotus Infrastructure acquires PNE USA from German parent, rebrands as Allium Renewable Energy. Adds wind/solar/storage development platform (~3 GW pipeline) to Lotus portfolio. Lotus also developed gas plants and acquired Vistra/Lotus deal in 2025. | |
| Jun 1 | Project Finance | Solar+BESS | rPlus Energies | CACIB and others | $1.10B | UT | Closed | NRF as developer counsel, Winston & Strawn as lender counsel. PFI Americas Renewables Deal of the Year 2024. | |
| Jun 1 | Power Purchase & Offtake | Solar | Invenergy | Meta | 791 MW | AR, OH, TX | Announced | Two solar projects in Ohio, one in Arkansas (COD 2027), one Texas wind project (COD 2028). Expands Meta/Invenergy total to ~1.8 GW. | |
| Jun 1 | Utility PPA | Solar | Cypress Creek Renewables | Duke Energy Progress, LLC | 200 MW | NC | Closed | Post-settlement Duke-Cypress Creek/Strata interconnection agreement. Estimated price 2024 vintage — bridge between $30s (2023) and $53.50 (Oct 2025). Pricing inferred. Sub-region: Duke (NC/SC). | |
| May 30 | Energy storage tolling agreement | BESS | Middle River Power | San Diego Community Power | 54.1 MW | CA | Announced | San Diego Community Power's board approved a 15-year financially settled toll and energy storage agreement for the Border battery facility's capacity and hedge attributes. | |
| May 30 | Energy storage tolling agreement | BESS | Middle River Power | San Diego Community Power | 54.1 MW | CA | Announced | San Diego Community Power's board approved a 15-year financially settled toll and energy storage agreement for the Enterprise battery facility's capacity and hedge attributes. | |
| May 29 | Project acquisition | Solar | Acadian Renewable Energy | EDP Renewables | 175 MW | AR | Closed | EDP Renewables North America acquired the Crooked Lake Solar project in late 2021 from Acadian Renewable Energy, a joint venture of SunChase Power and Eolian. |
Change of Control
5 movesStephen Gallagher promoted to Chief Executive Officer at Brookfield Renewable U.S. (from Chief Commercial Officer, Brookfield Renewable U.S.)
Gallagher was promoted to lead Brookfield Renewable's US operations (60,000+ MW pipeline) after serving as Chief Commercial Officer. He has been with Brookfield Renewable since 2017.
Neil Manning promoted to President and Chief Operating Officer at Array Technologies (from Chief Operations Officer, Array Technologies)
Manning elevated to President & COO at the leading solar tracker manufacturer, consolidating operational leadership under CEO Kevin Hostetler.
Hans Martin Smith departed Vestas Wind Systems as Chief Financial Officer
Smith departed after 20+ years at Vestas, having served as CFO since March 2022. His departure added to an unusual period of board and executive turnover at the world's largest wind turbine manufacturer.
Robert Keepers joined as Head of Climate Tech at J.P. Morgan (from Managing Director, Renewable Energy Group, Corporate Client Banking & Specialized Industries, JPMorgan Chase)
Named Head of Climate Tech at JPMorgan, bringing two decades of finance and banking experience along with deep energy industry expertise. Reflects JPMorgan's growing commitment to climate-related investing.
Daniel Katz promoted to Head of Portfolio Management, Infrastructure Debt at Ares Management (from Partner, U.S. Direct Lending, Ares Management)
Internal promotion to head portfolio management for Ares' $11B infrastructure debt platform. Ares has been one of the most active infrastructure investors in US clean energy, including a 2.7 GW ENGIE portfolio deal.
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