The Week in Deals
7 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Oct 9 | Project Finance | BESS | Eolian | Natixis Corporate & Investment Banking (sole arranger) | $463M | TX | Closed | Largest battery storage site in Texas (1.8 GWh including operating Padua 1 50 MW/100 MWh). Natixis sole arranger of construction + term loan + LC facility. Tesla supplies all three project phases. 5-hour discharge duration. Strategically sited at substation adjacent to retiring J.K. Spruce coal plant and aging V.H. Braunig gas plant. COD Spring 2026. | |
| Oct 7 | Project Finance | BESS | Greenflash Infrastructure (H.I.G. Capital-backed) | Deutsche Bank (debt CLA), Wafra (preferred equity), Acadia Infrastructure Capital (preferred equity) | 400 MW | TX | Closed | Largest standalone BESS under construction in Texas at the time of close. Innovative hybrid debt + preferred equity + tax credit sale to leading US insurance company. Template for Greenflash's 5 GW ERCOT pipeline. Energization Q1 2026. | |
| Oct 6 | Project & Portfolio M&A | Solar | Deriva Energy / Manulife Investment Management | Clearway Energy (+ Fengate for Western assets) | $210 | Multi-state | Announced | Clearway acquires 613 MWac operating solar portfolio from Deriva Energy. 227 MWac Western assets via 50/50 JV with Fengate. 10-year weighted avg contract life with hybridization/extension upside. ~$27M annual CAFD. Closing expected Q2 2026. | |
| Oct 2 | Project & Portfolio M&A | Solar | NextEra Energy Resources | Madison Energy Infrastructure (EQT) | 900 MW | Multi-state | Closed | Madison Energy (owned by EQT) acquires NextEra's distributed generation business — 900+ MW operating assets, 1 GW+ pipeline, 500+ projects across 25 states. Madison combined portfolio reaches ~1 GW operating. Follows Madison's $800M debt facility. | |
| Oct 1 | Tax Equity & Tax Credits | Other | Shiseido Americas, Harbinger Motors | Reunion Infrastructure | — | CA, NJ | Closed | Reunion purchased Section 48 ITCs from Shiseido Americas' rooftop solar at NJ manufacturing facility, plus Section 45X AMPCs from Harbinger Motors' battery module production at Garden Grove, CA facility. Harbinger's first 45X transfer. Demonstrates expanding buyer universe for tax credits. | |
| Oct 1 | Project & Portfolio M&A | Solar | SunEnergy1 | Brookfield Renewable | 300 MW | NC | Announced | Brookfield expands SunEnergy1 partnership with 300 MW Cherry solar project in NC, bringing aggregate portfolio to 1,100+ MW. Continued buildout in PJM where data center demand is driving clean energy procurement. | |
| Oct 1 | Project & Portfolio M&A | BESS | Balanced Rock Power | GridStor | 150 MW | TX | Closed | GridStor acquires 150 MW/300 MWh BESS from Balanced Rock Power in ERCOT's Lower Rio Grande Valley. Expected operational summer 2026. GridStor's 5 GW+ pipeline across western/central US. |
Change of Control
5 movesLaura V. Swett joined as Chairman at Federal Energy Regulatory Commission (from Energy Litigation Partner, Vinson & Elkins)
Vinson & Elkins energy litigator (15-year FERC practice) confirmed by Senate Oct 7, 2025 alongside LaCerte; designated FERC Chair by Trump immediately after, replacing interim chair Rosner. Restores FERC to a 5-member commission and shifts the body to a 3-2 Republican majority during the data-center load-interconnect debate.
David A. LaCerte joined as Commissioner at Federal Energy Regulatory Commission
Confirmed by Senate Oct 7, 2025 alongside Swett. Brings FERC back to a full 5-member commission for the first time during 2025; expected to focus on grid reliability and generator interconnection reform.
Sanjay Shrestha departed Plug Power as President
Shrestha exits the President role at Plug as the company unveils its broader CEO succession plan. Plug subsequently sued Shrestha alleging post-departure violations of restrictive covenants — a sour ending to a key tenure.
Jose Luis Crespo named President at Plug Power (from Chief Revenue Officer, Plug Power)
11-year Plug veteran and CRO Crespo named President effective Oct 10, with CEO succession set for March 2026. Architect of Plug's $8B+ sales funnel and Amazon/Walmart/Home Depot relationships.
George McNamee appointed Lead Director at Plug Power (from Director, Plug Power)
McNamee elevated to Lead Director as Plug Power restructures the board and CEO suite — a governance signal alongside the Marsh-to-Crespo handoff.
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