The Week in Deals
5 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Sep 8 | Corporate M&A | Solar | Management + Virgo Investment Group (residual stakes) | Power Corporation of Canada | 700 MW | NE | Closed | Power Corp of Canada consolidates ownership of Nautilus to fully own community solar platform. Acquired remaining stakes from management and Virgo Investment Group (Power Corp had majority since 2018). Nautilus focused on community solar in markets with strong policy support. | |
| Sep 3 | Power Purchase & Offtake | Nuclear | ENTRA1 Energy (NuScale technology) | TVA | 6,000 MW | AL, GA, KY, MS, NC, TN, VA | Announced | Largest SMR deployment program in US history. Term sheet stage. ENTRA1 to finance and own the six new nuclear plants and sell output to TVA under future PPAs. NuScale modules certified by NRC May 2025. First plant targeting ~2030 power delivery. Component of $25B in expected investment from US-Japan Framework Agreement (Oct 2025). | |
| Sep 2 | Power Purchase & Offtake | Geothermal | XGS Energy (with Baker Hughes partnership) | Meta Platforms | 150 MW | NM | Announced | Long-term PPA. XGS Energy's first major commercial deployment, partnered with Baker Hughes for drilling/completions. Two-phase project. Operational target 2030. Supports Meta's New Mexico data center operations. Adds to Meta's geothermal portfolio (Sage Geosystems 150 MW; Fervo 320 MW via SCE). | |
| Sep 1 | Regulatory & Permits | Other | Multiple | Multiple | $20.00B | Multi-state | Market Data | Crux Mid-Year 2025 Report: Market exceeded $20B in H1 2025 (~2x H1 2024). Solar (34%), solar+storage (20%), standalone storage (6%) = 60% of transactions. Wind PTCs fell to 9.5% (from 33% in H1 2024). ITC pricing diverged: investment-grade sellers at $0.03 premium vs. non-IG below 2024 levels. First Solar exceeded $0.97/dollar. Small solar ~$0.87/dollar. Full-year 2025 market forecast: $55-60B. | |
| Sep 1 | Project & Portfolio M&A | Fuel Cell | JERA Americas | Tenaska, Tyr Energy | 3,005 MW | Multi-state | Closed | JERA Americas transferred equity interests in three gas-fired power plants to Tenaska and Tyr Energy as part of portfolio optimization. JERA pivoting toward renewables, offshore wind, and hydrogen. |
Change of Control
2 movesDaniel de Boer named Chief Executive Officer (Permanent) at Greenbacker Capital (from Interim Chief Executive Officer, Greenbacker Capital)
de Boer's interim CEO tag dropped after 5 months running ~$3B AUM Greenbacker through founder Wheeler's exit. Investment-team leader now formally leads strategy execution at the clean-energy IPP/REIT.
Sep 4
Chris Hodrick joined as CEO and President, Qcells EPC Division at Hanwha Qcells (from Executive Vice President, Blattner Company)
Appointed CEO of Qcells EPC division. Previously oversaw $7.5B in solar/storage projects at Blattner. Prior roles at Amazon and US Navy.
Sep 1
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