The Week in Deals
5 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jun 12 | Power Purchase & Offtake | Solar+BESS | RWE Clean Energy | Amazon Web Services | 1,100 MW | Multi-state | Announced | RWE-AWS strategic collaboration covering 7 US clean energy PPAs (cumulative 1.1 GW) and AWS cloud services for RWE operations. Underscores hyperscaler appetite for repeat-developer partnerships. RWE has 11+ GW operating in NA. | |
| Jun 11 | Power Purchase & Offtake | Nuclear | Talen Energy | Amazon (AWS) | $18.00B | PA | Announced | Restructured from behind-the-meter to front-of-meter retail PPA after FERC rejection. Up to 1,920 MW ramp by 2032. Expected $1.4B annual revenue at full volume. PPL Electric Utilities for T&D. Exploring SMR development within Talen's PA footprint. One of largest nuclear-to-data-center agreements ever. | |
| Jun 11 | Project Finance | Geothermal | Fervo Energy | Breakthrough Energy Catalyst, Mercuria, XRA | $206M | UT | Closed | $206M to accelerate Cape Station development: $100M project-level preferred equity from Breakthrough Energy Catalyst, term loan facility with Mercuria upsized from $40M to $100M, XRA bridge loan upsized from $100M to $145.6M. Phase I (100 MW) targets COD 2026; Phase II adds 400 MW by 2028. PPAs with Southern California Edison (320 MW) and Google (Nevada Clean Transition Tariff). | |
| Jun 9 | Corporate M&A | Solar | Sunnova Energy International (Chapter 11) | Solaris Assets, LLC; Atlas SP Partners; Lennar Homes; Omnidian | $10.67B | Multi-state | Closed | Sunnova filed Chapter 11 on June 9, 2025 with $10.67B debt ($8.9B long-term, $13.5M cash). Causes: NEM 3.0 (CA installations -45%), high rates, terminated $3B DOE loan guarantee, industry-wide decline. Bankruptcy court approved sale July 31. Solaris Assets (DIP financiers + GoodFinch) acquired ServiceCo + generation portfolio via credit bid + $25M cash. Atlas SP $15M for solar systems; Lennar Homes $16M for New Home; Omnidian $7M for servicing platform. Closed Sep 3, 2025. | |
| Jun 1 | Power Purchase & Offtake | Nuclear | Constellation Energy | Meta | 1,151 MW | IL | Announced | Meta secures 20-year agreement for long-term operations of Clinton nuclear plant (1,121 MW) plus 30 MW plant uprate. Supports Meta's net-zero by 2030 target. Part of Meta's broader nuclear RFP seeking 1-4 GW of new nuclear capacity. |
Change of Control
2 movesRyan Omohundro joined as Chief Restructuring Officer at Sunnova Energy International (from Managing Director, Alvarez & Marsal)
Omohundro arrived as CRO when Sunnova filed Chapter 11 — the most significant residential-solar bankruptcy of 2025, following 700+ layoffs (55% of workforce) and the post-IRA tariff/PPA market dislocation.
Jun 9
Kevin Kroll departed RWE Clean Energy as Chief Operating Officer
COO Kroll exited RWE Clean Energy by mutual agreement amid RWE's broader US strategic restructuring as the IRA outlook turned uncertain. Function absorbed across remaining management team.
Jun 12
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