The Week in Deals
8 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 16 | Project Finance | Other | AEP Transmission | DOE Loan Programs Office | $1.60B | Multi-state | Announced | EIR conditional commitment for AEP transmission division. Status pending Trump admin review. | |
| Jan 16 | Project Finance | Other | Jersey Central Power & Light (FirstEnergy) | DOE Loan Programs Office | $716M | NJ | Announced | EIR conditional commitment for JCP&L transmission upgrades. Status pending Trump admin review. | |
| Jan 16 | Project Finance | Fuel Cell | Plug Power | U.S. Department of Energy (DOE Loan Programs Office) | $1.66B | GA, LA, NY, TN, TX | Closed | DOE LPO closed $1.66B Title XVII loan guarantee on Jan 16, 2025 to support Plug Power's expansion of green hydrogen production. First project: Graham, TX hydrogen plant powered by adjacent wind farm using PEM electrolyzers manufactured at Plug's Rochester, NY factory and liquefaction systems from Houston facility. Existing network: Woodbine GA, Charleston TN, St. Gabriel LA (with Olin JV) — ~45 tpd liquid hydrogen capacity. Target: 500 tpd green hydrogen in NA by 2025. | |
| Jan 16 | Project & Portfolio M&A | Solar+BESS | EDP Renewables North America | Eni Plenitude | 245 MW | CA | Announced | Plenitude (Eni's renewables/retail subsidiary) acquires 49% stake in two operating solar+BESS projects in California (Sandrini 100 and Sandrini 200), totaling 499 MWdc with co-located storage. EDP Renewables NA retains 51% and continues O&M. Plenitude's first California entry, diversifying its US footprint from Texas and Midwest. | |
| Jan 15 | Corporate M&A | Solar+BESS | Origis Energy | Brookfield Asset Management, Antin Infrastructure Partners | $1.00B | Multi-state | Closed | Brookfield preferred equity investment alongside existing sponsor Antin. Ranked 5th largest US utility-scale solar developer by S&P Global. Advised by PJT Partners, J.P. Morgan, Santander (Origis); Latham & Watkins (legal); Vinson & Elkins (Brookfield). | |
| Jan 15 | Project Finance | Solar+BESS | Origis Energy | MUFG | $533M | Multi-state | Closed | Construction financing, bridge loan, and term loan conversion from MUFG. Part of Origis's rapid scaling after $1B+ Brookfield/Antin investment. Origis ranked 5th largest US utility-scale solar developer. | |
| Jan 15 | Power Purchase & Offtake | Solar | ENGIE North America | Meta Platforms | 200 MW | TX | Announced | ENGIE-Meta partnership expands above 1.3 GW across four Texas projects with Anson 2. Online late 2025 to support Meta's data center operations. Builds on Sun Valley Solar (210 MW), Sypert Branch Solar, and other ENGIE-Meta agreements. | |
| Jan 13 | Strategic & Growth Capital | Solar+BESS | D.E. Shaw Renewable Investments (DESRI) | Macquarie Asset Management | $1.73B | Multi-state | Closed | Macquarie Asset Management closes strategic minority investment of up to $1.725B in DESRI to fund growth across the firm's 70-project, 9+ GW US renewables portfolio. One of the largest IPP equity investments of 2025. |
Change of Control
3 movesDavid Carroll appointed Board Chair-Elect at American Clean Power Association (from CEO, ENGIE North America)
ENGIE NA CEO takes ACP Board Chair-Elect position. ENGIE one of the most active renewable developers in the US with 4+ GW portfolio.
Stephen Muscato departed Vistra Corp as EVP & President, Wholesale Operations & Development
~25-year veteran retired from key generation/development role at Vistra just as the company began monetizing its data-center exposure — a notable departure as Vistra accelerated PJM behind-the-meter contracts.
Bart Kempf joined as Partner, Environmental & Energy Transactions, Washington DC at Orrick
Federal/state environmental permitting partner Kempf joined Orrick's DC energy transactions team — bolstering NEPA, ESA, and Clean Air Act capabilities for renewables and transmission projects.
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