The Week in Deals
3 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26 | Corporate M&A | Solar+BESS | National Grid | Brookfield Asset Management | $1.74B | Multi-state | Announced | Brookfield acquires National Grid's US onshore renewables business. 1.9 GW solar + 314 MW wind + 657 MW storage in operation or construction, plus 2.5 GW development pipeline. Part of National Grid's £6.8B capital raise to fund UK grid upgrades. Natural Power provided technical due diligence. Valuation 25% below S&P's forecast — reflecting IRA policy uncertainty. | |
| Feb 25 | Corporate M&A | Solar+BESS | Galehead founders | Macquarie Asset Management (Treaty Oak Clean Energy) | 20,000 MW | Multi-state | Closed | Macquarie Asset Management acquires controlling interest in Galehead Development and integrates platform into Treaty Oak Clean Energy. Galehead becomes wholly owned subsidiary. Galehead had monetized 7 GW of projects since 2016. Combined Treaty Oak + Galehead is one of the largest independent renewables developers by pipeline. | |
| Feb 24 | Corporate M&A | Solar+BESS | Innergex Renewable Energy public shareholders | La Caisse (CDPQ) | $10.00B | International | Closed | La Caisse (formerly CDPQ, Quebec pension giant) acquires Innergex at C$13.75/share — 58% premium to 30-day VWAP. Total enterprise value ~C$10B. Closed July 21, 2025. La Caisse subsequently syndicated up to 20% to Quebec/Swiss institutional investors. Take-private ends 18-year run on TSX. Significant US wind/solar exposure. |
Change of Control
1 moveThomas Allen joined as Partner, Energy Infrastructure and Resources, Washington DC at K&L Gates (from Global Lead, International Disputes, Kilpatrick Townsend & Stockton)
Power & utilities focused partner Allen joined K&L Gates as the firm scaled its DC bench amid increased federal regulatory and trade-policy work driven by the Trump administration's pivot.
Feb 24
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