The Week in Deals
4 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jul 18 | Project & Portfolio M&A | Wind | BP (BP Wind Energy North America) | LS Power (Clearlight Energy) | 1,700 MW | CO, HI, ID, IN, KS, PA, SD | Closed | BP exits US onshore wind as part of $20B divestment program and pivot away from renewables. LS Power folds assets into Clearlight Energy renewables platform, bringing operating fleet to ~4.3 GW. Closed December 9, 2025. Includes 10 operating wind projects across 7 states. | |
| Jul 17 | Corporate M&A | Natural Gas | Caithness Energy, BlackRock/GIP | Talen Energy | $3.50B | OH, PA | Closed | Talen Energy announced acquisition of both Moxie Freedom (1,105 MW CCGT, Luzerne County, PA) and Guernsey Power Station (1,875 MW CCGT, Guernsey County, OH) on July 17, 2025, for combined $3.5B net ($3.8B gross). Breakdown: $1.46B for Moxie, $2.33B for Guernsey. Sellers: Caithness Energy (and BlackRock/GIP for Guernsey equity interests). Completed Nov 25, 2025. | |
| Jul 15 | Power Purchase & Offtake | Other | Brookfield Renewable | Google (Alphabet) | $3.00B | PA | Announced | World's largest corporate hydropower deal. 20-year PPAs for Holtwood (250 MW Susquehanna River, PA) and Safe Harbor (420 MW PA) — combined 670 MW representing >$3B. Hydro Framework Agreement (HFA) gives Google access to up to 3,000 MW of relicensed/upgraded Brookfield hydro across PJM and MISO. Initial focus on mid-Atlantic and mid-continent markets, with optionality elsewhere. | |
| Jul 15 | Project & Portfolio M&A | Solar+BESS | Repsol | Hecate Holdings (founders) | $131M | Multi-state | Closed | Repsol exits 40% Hecate stake (originally acquired 2021 for ~$220M) back to founding shareholders, settling Delaware Chancery litigation triggered by Hecate Holdings' 2024 put option. Repsol books $131M charge in H1 2025. Repsol redirects US renewables focus to wholly-owned ConnectGen ($768M acquired 2023) and Stonepeak partnership. Hecate regains autonomy with 48 GW pipeline. |
Change of Control
2 movesRussell Young joined as Chief Operating Officer at Deriva Energy (from Managing Director, Technical Services, Clearway Energy Group)
Clearway-to-Deriva pipeline of talent continues — Young joins CEO John Clapp (ex-Scout/Brookfield) at the Duke Energy-backed developer.
Jul 16
Francesco Borrelli joined as Chief AI & Robotics Officer at Nextracker (now Nextpower) (from Professor, Mechanical Engineering, UC Berkeley / Mechatronics Research)
Berkeley control-systems professor Borrelli took the new C-suite AI/robotics role at Nextracker — signaling pivot to autonomous tracker control and warehouse-style robotics for solar O&M, ahead of the Nov 2025 Nextpower rebrand.
Jul 15
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