The Week in Deals
3 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Nov 24 | Strategic & Growth Capital | Nuclear | X-Energy Reactor Company | Jane Street (lead), Ares Management funds, ARK Invest, Corner Capital, Emerson Collective | $700M | Multi-state | Closed | X-Energy Series D led by Jane Street. Adds to ~$500M Series C-1 led by Amazon (Oct 2024). 144 SMR modules booked across customer base — Amazon-Energy Northwest Cascade (12 modules, 960 MW, WA), Dow Seadrift (4 modules, TX), Centrica UK (12 modules), KHNP/Doosan partnership for AI infrastructure. ~$3.2B cumulative SMR equity funding across US developers. | |
| Nov 20 | Project Finance | Solar | Treaty Oak Clean Energy | SMBC, ING, Crédit Agricole CIB, MUFG, National Australia Bank | $410M | LA | Closed | $410M non-recourse senior secured financing (construction-to-term + tax credit bridge + LC) supporting Meta-tied Louisiana solar project. Companion to Hollis Creek (also Meta). H1 2027 COD. Treaty Oak Clean Energy is Macquarie Asset Management's US development platform. | |
| Nov 18 | Project Finance | Nuclear | Constellation Energy | DOE Loan Programs Office | $1.00B | PA | Closed | First simultaneous conditional commitment and financial close in DOE LPO history. Energy Dominance Financing Program. 0.375% spread over UST. 20-year PPA with Microsoft. Expected restart 2027. $16B GDP impact per Brattle Group. ~3,400 jobs. |
Change of Control
7 movesShane Smith named Executive Vice President and Chief Financial Officer at Constellation Energy (from Senior Vice President, Treasury and Credit, Constellation Energy)
Smith promoted from SVP Treasury/Credit to EVP/CFO succeeding Eggers (who moves to expanded SEVP Finance & Data Economy role). The CFO baton passes as Constellation absorbs Calpine — creating the largest US clean & reliable power producer.
David Dardis named Senior Executive Vice President, Chief External Affairs and Growth Officer at Constellation Energy (from Executive Vice President and Chief Legal and Policy Officer, Constellation Energy)
Dardis' SEVP elevation expands his portfolio from legal/policy to include the new generation development business plus Sustainability, Strategy, Corporate Affairs and Public Advocacy — consolidating "growth" leadership ahead of the Calpine integration.
Kathleen Barrón departed Constellation Energy as Executive Vice President and Chief Strategy and Growth Officer
Barrón retired as EVP Chief Strategy & Growth after 30 years in the energy industry — agreeing to advise Dominguez through H1 2026. Her policy-strategy responsibilities split among Dardis (external affairs/growth) and other SEVPs in the Calpine reorganization.
Bryan Hanson named Senior Executive Vice President at Constellation Energy (from Executive Vice President and Chief Generation Officer, Constellation Energy)
Hanson — long-time Constellation EVP leading the nuclear and conventional generation fleet — elevated to SEVP as part of the Calpine integration leadership ladder.
Dan Eggers named Senior Executive Vice President, Finance and Data Economy at Constellation Energy
Promoted from CFO to Senior EVP, Finance and Data Economy ahead of Calpine deal close. Now leads both finance and Constellation's data center/hyperscaler business.
Jim McHugh named Senior Executive Vice President and Chief Commercial Officer at Constellation Energy
Appointed Senior EVP and CCO, responsible for wholesale/retail business units, customer operations, and commercialization ahead of Calpine closing.
Andrew Novotny joined as Senior Executive Vice President, Constellation Power Operations and President & CEO of Calpine at Constellation Energy (from President and CEO, Calpine Corporation)
Joined Constellation from Calpine as part of the $26.6B acquisition. Continues to lead Calpine's operations plus Constellation's gas, hydro, solar, and wind fleet.
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