The Week in Deals
5 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Nov 7 | Project & Portfolio M&A | BESS | Plus Power | Morgan Stanley (tax equity) | $65M | ME | Closed | Plus Power secures $65M tax equity from Morgan Stanley for Cross Town BESS. 175 MW/350 MWh expected to be largest battery in ISO-NE region. Combined $160M tax equity with Cranberry Point MA project. | |
| Nov 6 | Project Finance | Solar | Cypress Creek Renewables | MUFG, SMBC + global credit asset manager (preferred equity) | 396 MW | TX | Closed | Cypress Creek's flagship 2025 solar project. Meta off-takes the output. Preferred equity from a top-3 global credit asset manager (>$350B AUM); debt facilities from MUFG and SMBC. Construction start late 2025; COD H2 2026. | |
| Nov 4 | Project Finance | Solar+BESS | BrightNight + Cordelio Power (JV) | Crédit Agricole, MUFG, RBC, National Bank of Canada, CoBank, ING | 300 MW | AZ | Closed | Financial close on Pioneer hybrid renewables project under long-term tolling with local Arizona utility. Construction begins Q4 2025; April 2027 COD. JV between BrightNight and Cordelio Power. | |
| Nov 3 | Tax Equity & Tax Credits | Solar+BESS | Enlight Renewable Energy (Clenera) | Wells Fargo Bank N.A. | $150M | NM | Closed | Wells Fargo tax equity — $131M at COD scaling to ~$150M with pay-go. | |
| Oct 30 | Power Purchase & Offtake | Solar | Treaty Oak Clean Energy | Meta | 385 MW | LA | Announced | Two utility-scale solar projects in Morehouse and Sabine Parishes, LA. Meta purchases environmental attributes. ~300 jobs peak construction each. $100M+ combined lifetime state/local tax revenue. COD Q3 2027. Treaty Oak is a Macquarie Asset Management portfolio company. |
Change of Control
8 movesMark Rajcevich joined as Chief Restructuring Officer at Pine Gate Renewables (from Managing Director, Alvarez & Marsal)
A&M MD with 20+ years of restructuring experience installed as CRO when Pine Gate filed Chapter 11 — one of the largest US utility-scale solar developer bankruptcies of the post-IRA-rollback era. Co-founder Ben Catt remains CEO during the sale process.
Jack Godshall promoted to Chief Operating Officer at Jupiter Power
Godshall moved from CCO to COO, replacing founding principal Audrey Griffin who stepped down. He oversees a growing portfolio of nearly 8 GWh of battery storage projects across 12,000+ MW in development from California to Maine.
Audrey Griffin departed Jupiter Power as Chief Operating Officer
Griffin was a founding principal of Jupiter Power and served as COO since 2019. Her departure closes a chapter for one of the early leaders in the US utility-scale battery storage market.
Laura Wellborn joined as Chief Revenue Officer at Jupiter Power
Wellborn joined as CRO in the same restructuring that moved Godshall to COO and transitioned Audrey Griffin out — completing the C-suite at the BlackRock-backed BESS developer running 1.6+ GW of operational projects.
Samara Shepherd joined as Partner, Investment Funds at Vinson & Elkins (from Partner, Kirkland & Ellis)
V&E hired investment funds partner Shepherd from Kirkland in Houston, part of V&E's effort to compete with Kirkland in energy-focused fund formation.
Chris Bennett joined as Partner, Corporate/Energy at Vinson & Elkins (from Partner, Weil Gotshal & Manges)
Bennett returned to V&E from Weil Gotshal as part of the same late-2025 Houston expansion, bringing energy corporate/M&A expertise.
Craig Cornelius appointed Independent Director at Sunrun (from President and CEO (concurrent), Clearway Energy Group)
Sitting Clearway CEO Cornelius joins the Sunrun board — a notable cross-pollination between utility-scale and residential solar leadership. Sunrun explicitly disclaimed any current/future business relationship with Clearway.
Rebecca Kujawa appointed Independent Director at Equinix (from Former President & CEO, NextEra Energy Resources)
Six months after retiring as NEER CEO, Kujawa joined Equinix's board — bringing renewables/PPA structuring experience to the world's largest data-center REIT as it pursues massive 24/7 carbon-free power deals.
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