The Week in Deals
5 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 9 | Corporate PPA | Nuclear | Vistra Corp (nuclear fleet) | Meta Platforms | 2,609 MW | PA, OH | Closed | Price not formally disclosed. Analyst consensus places it in the $65-85/MWh range — Jefferies precedent on Meta-Constellation Clinton was ~$70/MWh. Used $75/MWh midpoint. CONFIDENCE: LOW pending Vistra Q1 2026 earnings disclosure. COD: 2026-12-31. Contract term: 20 years. Price confidence: low. | |
| Jan 7 | Corporate M&A | Geothermal | Energy Capital Partners, Access Industries, CPP Investments | Constellation Energy | $26.60B | Multi-state | Closed | Constellation acquires Calpine in cash-and-stock deal (50M shares + $4.5B cash). Creates nation's largest power producer at 55 GW. FERC required divestiture of ~3.5 GW in PJM. Assumed ~$12.7B net debt. | |
| Jan 7 | Equity investment | BESS | Spearmint Energy | Kyuden International Corporation | 100 MW | TX | Closed | Spearmint Energy secured an equity investment from Kyuden International Corporation in two ERCOT battery storage projects, including Tierra Seca in Val Verde County, Texas. | |
| Jan 7 | Tax equity | Solar | Adapture Renewables | U.S. Bank | $233M | IL | Closed | Adapture Renewables closed $233M of tax-equity financing from U.S. Bank for two Titanium portfolio solar projects in Illinois and Arkansas, including Cooks Mill. | |
| Jan 7 | Tax equity | Solar | Adapture Renewables | U.S. Bank | $233M | IL | Closed | Adapture Renewables closed $233M of tax-equity financing from U.S. Bank for two Titanium portfolio solar projects in Illinois and Arkansas, including Crooked Creek PV I. |
Change of Control
4 movesCarolyne Murff joined as Chief Executive Officer at Clearlight Energy (from Chief Operating Officer, REV Renewables)
Murff moves within the LS Power portfolio — from REV Renewables COO to lead Clearlight Energy's 4.3 GW operating fleet of 54 renewable projects across North America.
Matt Mitchell joined as Chief Financial Officer at Clearlight Energy (from Managing Director, LS Power)
Mitchell joins alongside new CEO Carolyne Murff as part of a leadership overhaul at the LS Power-backed renewables platform.
Andrew Flanagan appointed Secretary at American Clean Power Association (from Chief Executive Officer, RWE Clean Energy, RWE Clean Energy)
RWE now holds both a SEIA Vice Chair (Ritzenhofen) and ACP Secretary seat, reflecting the German utility's expanding US market influence.
Manav Sharma appointed Treasurer at American Clean Power Association (from Chief Executive Officer, Nordex Group North America, Nordex)
Nordex representation at ACP's board level reflects the growing importance of onshore wind OEMs in US clean energy policy.
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