The Week in Deals
4 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Sep 18 | Project & Portfolio M&A | BESS | Strata Clean Energy | GridStor | 100 MW | AZ | Closed | GridStor acquires 100 MW/400 MWh White Tank BESS from Strata Clean Energy. 20-year tolling agreement with Arizona Public Service (APS). Expected in service H1 2027. GridStor's 4th acquisition in 12 months, 2nd in Arizona. | |
| Sep 15 | Project Finance | Wind | Apex Clean Energy | CIBC, Helaba, Santander (construction); Wells Fargo (tax equity) | $650M | OH | Closed | Construction + term loan + LC facility from CIBC, Helaba, and Santander; tax equity commitment from Wells Fargo. Part of Apex's $2.79B 2025 financings across three projects (Coles Wind, Emerson Creek, Raven Storage). | |
| Sep 1 | Power Purchase & Offtake | Wind | Gentari | Amazon (AWS) | 80 MW | International | Announced | AWS signs PPA with Malaysian clean energy provider Gentari for 80 MW wind in Tamil Nadu, India. Expected operations mid-2027. ~300,000 MWh/yr. Note: International deal included for completeness of Amazon's 2025 portfolio. | |
| Sep 1 | Regulatory & Permits | Other | Multiple | Multiple | $1.70B | Multi-state | Closed | Schneider Electric announces $1.7B in cumulative tax credit transfers facilitated since 2023. Clients include Kimberly-Clark ($237.5M BESS), ENGIE North America, Silfab Solar, and others. Schneider serves as strategic advisor for corporate decarbonization and TCT structuring. |
Change of Control
3 movesJon Fouts promoted to Co-Head, Global Power and Energy Group at Morgan Stanley
Morgan Stanley merged its energy and power/utilities IB teams into a single Global Power and Energy Group — a structural signal of how the energy transition is converging traditional and renewable energy banking.
Michael O'Dwyer named Co-Head, Global Power & Energy Group, Investment Banking at Morgan Stanley (from Global Head of Energy, Morgan Stanley)
Morgan Stanley merged its Power and Energy IB teams under a single Global Power & Energy Group, with O'Dwyer (former Global Head of Energy) co-leading alongside Jon Fouts. Reflects fungibility of capital across power and traditional energy as data-center demand drove deal flow.
C.J. Polito joined as Partner, Energy Regulatory, Washington DC at Vinson & Elkins (from Energy Regulatory Partner, Sidley Austin)
Polito joined V&E DC after Decker's defection to Kirkland left a hole in V&E's energy-regulatory bench. Move illustrates the ongoing partner-level musical chairs at top energy practices in 2025.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.