The Week in Deals
3 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| May 15 | Project Finance | Solar | Doral Renewables | KeyBanc Capital Markets, Santander, HSBC (debt); Truist (tax equity) | $1.50B | IN | Closed | $1.5B debt + tax equity financing for completion of three 300 MWac phases of Mammoth Solar — among the largest single-state solar developments in the US. Total Mammoth Solar complex is 1.3 GW. Long-term PPA with AEP. MUFG, Santander, HSBC, Ally, IDB participated in earlier Mammoth tranches. | |
| May 12 | Corporate M&A | Other | LS Power | NRG Energy | $12.00B | Multi-state | Closed | NRG doubles generation capacity. $6.4B cash + $2.8B NRG stock + $3.2B assumed debt. 7.5x 2026 EV/EBITDA (50% of replacement cost). LS Power retains ~11% of pro forma NRG. 18% accretive to EPS year one. Includes CPower VPP with 2,000+ C&I customers. FERC & NYSPSC approved Nov 2025. | |
| May 12 | Project Finance | Solar+BESS | Aypa Power (Blackstone portfolio company) | Santander (CLA), U.S. Bancorp Impact Finance, Zions, Siemens Financial Services, Associated Bank | $535M | CA | Closed | $535M debt financing for hybrid solar+storage tied to long-term PPA with San Diego Community Power. Santander as CLA/MLA/Green Loan Coordinator. |
Change of Control
1 moveDiane Leopold departed Dominion Energy as EVP and Chief Operating Officer
Leopold — long-tenured Dominion COO who oversaw the Coastal Virginia Offshore Wind project and Virginia's data-center generation buildout — retired in June 2025 as Dominion reorganized under CEO Bob Blue.
May 15
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