The Week in Deals
4 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| May 22 | Project Finance | Solar | Cypress Creek Renewables | Multiple | $150M | WA | Closed | Cypress Creek closes $150M financing for 104 MW Ostrea Solar in Yakima County, WA. One of the largest utility-scale solar projects in Washington State. Construction commenced May 2025. | |
| May 22 | Project Finance | Solar+BESS | Origis Energy | MUFG (lead); J.P. Morgan (tax equity, Dec 2025) | $530M | IN, MS | Closed | >$530M MUFG-led portfolio financing in May 2025 for Wheatland Solar (210 MW, Knox County IN, CenterPoint Energy PPA) and Optimist Solar+Storage (Clay County MS). J.P. Morgan tax equity commitment (Origis's 5th JPM deal) closed December 2025 for Wheatland. Q1 2026 COD. | |
| May 21 | Power Purchase & Offtake | Solar | AES Corporation | Meta | 650 MW | KS, TX | Announced | Two long-term PPAs in the Southwest Power Pool market. AES expects projects operational in 2-3 years. AES has 10.1 GW of contractual arrangements with major hyperscalers including 7.7 GW of long-term PPAs. AES ranked #1 provider of clean energy to corporations by BloombergNEF for 3 consecutive years. | |
| May 18 | Corporate M&A | Solar+BESS | — | Blackstone Infrastructure | $11.50B | NM, TX | Announced | Blackstone acquires TXNM Energy at $61.25/share (23% premium to VWAP). PNM committed to emissions-free by 2040. $175M NM customer benefits + $45.5M TX rate credits. FERC approved Feb 2026. Blackstone manages $85B in data centers globally — raises utility-data center conflict concerns. Palo Verde nuclear stake included. |
Change of Control
6 movesBrian Bolster promoted to President and CEO at NextEra Energy Resources (from EVP and CFO, NextEra Energy)
NextEra Energy Resources is the world's largest generator of wind and solar energy. Bolster's Goldman Sachs deal background signals a continued focus on capital markets and M&A.
Rebecca Kujawa departed NextEra Energy Resources as President and CEO
Kujawa's departure was part of a planned succession mapped out three years in advance. She led NextEra Energy Resources through its massive renewables build-out.
Mike Dunne promoted to EVP, Finance and CFO at NextEra Energy
Another banker-to-operator transition at the top of the industry's largest player — Dunne was previously Managing Director in Power & Renewables Investment Banking at Bank of America.
Steven Hellman joined as Executive Vice President and Chief Financial Officer at TerraPower (from Managing Director, Co-Head Energy Transition Investment Banking, UBS)
UBS energy transition co-head Hellman, who advised TerraPower on financing, joined as CFO succeeding Marcia Burkey. Brings IB-grade capital-raising relationships as the Bill Gates-backed nuclear startup races to commercialize the Wyoming Natrium plant.
Eric Williams named Executive Vice President and Chief Operating Officer at TerraPower (from Senior Vice President, Operations, TerraPower)
TerraPower created its first-ever COO role and elevated Williams. Reflects a maturing operational footprint as the Wyoming Natrium SMR moves from design/permit phase toward construction.
Marcia Burkey departed TerraPower as Chief Financial Officer
CFO Burkey retired from TerraPower as Hellman arrived from UBS — closing the chapter on a CFO who guided the company through its $700M Series funding rounds.
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