The Week in Deals
3 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Dec 10 | Strategic & Growth Capital | Geothermal | Fervo Energy | B Capital (lead), Google, Mitsui, AllianceBernstein | $462M | UT | Closed | Series E led by new investor B Capital. Google participates with simultaneous 115 MW additional commitment for Nevada data centers (NV Energy Clean Transition Tariff). Concurrent with $206M project-level financing in June 2025. Brings cumulative Fervo financing to ~$1.5B. Cape Station Phase I (100 MW) targets COD 2026; full 500 MW by 2028. Combined with March 2026 follow-on $421M non-recourse project debt. | |
| Dec 8 | Power Purchase & Offtake | Solar+BESS | NextEra Energy Resources | Meta | 2,500 MW | NM, TX | Announced | 11 solar PPAs and 2 energy storage agreements totaling ~2.5 GW. Includes ~190 MW solar + 168 MW storage in New Mexico. Nine solar farms across ERCOT, SPP, MISO. One of the largest single corporate-developer PPA announcements. | |
| Dec 8 | Corporate M&A | Solar+BESS | NextEra Energy | — | 15,000 MW | Multi-state | Announced | NextEra and Google strategic energy and technology partnership for GW-scale data center campuses in the US. NextEra's broader target is 15 GW of new data-center-oriented generation by 2035 (not exclusively Google). ~3.5 GW already operating or contracted between the two companies. One of the largest Big Tech-utility partnerships announced. |
Change of Control
1 moveChristopher Heasley joined as Partner, Energy & Infrastructure M&A and Private Equity, Houston at Latham & Watkins (from Partner, Kirkland & Ellis)
11-year Kirkland energy M&A partner Heasley joined Latham's Houston practice — completing Latham's late-2025 push to lock in Texas-based energy infra dealmakers as transaction volumes accelerated post-OBBBA.
Dec 8
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