The Week in Deals
6 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 13 | Project & Portfolio M&A | Solar+BESS | ENGIE North America | Ares Management | 730 MW | Multi-state | Announced | ENGIE and Ares further expand their partnership with a 730 MW portfolio of new US solar and wind assets. Brings total ENGIE-Ares partnership to ~4.4 GW. ENGIE has 11+ GW renewables in operation/construction across US and Canada. | |
| Jan 13 | Project Finance | Solar | Heelstone Renewable Energy (Qualitas Energy) | Deutsche Bank (lead) | $200M | Multi-state | Closed | Senior secured corporate credit facility to accelerate Heelstone's transition to a fully integrated IPP. Proceeds for interconnection deposits, PPA support, and equipment procurement. | |
| Jan 8 | Power Purchase & Offtake | Wind | Avangrid Renewables | SmartestEnergy | 72 MW | NH | Announced | SmartestEnergy signs first offtake agreement with Avangrid for full capacity of two operating wind farms in New Hampshire. Lempster Wind online since 2008, Groton Wind online since 2012. | |
| Jan 6 | Corporate M&A | Solar+BESS | Cordelio Power (CPP Investments) | Pattern Energy | 1,550 MW | Multi-state | Announced | Pattern Energy acquires Cordelio Power including 16 operating/in-construction projects and majority of Cordelio's wind and storage development pipeline. Share-based transaction between CPP Investments portfolio companies. Expected close Q1 2026. | |
| Jan 5 | Corporate M&A | Natural Gas | Quantum Capital Group (Cogentrix) | Vistra Corp | $4.00B | Multi-state | Announced | Vistra acquires Cogentrix Energy's 5.5 GW gas fleet to bolster reliability generation portfolio. Gross consideration $4.7B; net ~$4.0B after ~$0.7B tax benefits. Quantum Capital retained Cedar Bayou 4 (550 MW). Expected mid-single digit accretion in 2027. Expected close mid-to-late 2026 pending FERC, DOJ, and state approvals. | |
| Jan 2 | Strategic & Growth Capital | Wind | Ørsted | BNP Paribas, Danske Bank, J.P. Morgan | $6.30B | NY | Closed | Sunrise Wind 924 MW offshore wind project, 84 Siemens Gamesa 11 MW turbines, 15-30 miles SE of Long Island. Ørsted funded via DKK 60B (~$9.4B) rights issue — ~DKK 40B ($6.3B) for Sunrise Wind construction, ~DKK 20B for capital structure. Rights issue oversubscribed at DKK 59.6B. Non-recourse project finance was not secured, so funded on balance sheet. |
Change of Control
6 movesJim Adams joined as Global Director for Advisory and Analytics at Natural Power
Part of a strategic realignment at the leading global renewable energy consultancy, restructuring North American leadership.
Brendan Scollans joined as Head of North America Investment at Morrison (infrastructure investment manager) (from Co-Head, Data Infrastructure, GI Partners)
Scollans brings 30 years of infrastructure investing experience from EQT and GI Partners to Morrison's expanding North America platform, replacing Perry Offutt who moved to global Head of Capital Formation. His hire reinforces Morrison's push into North American clean infrastructure deployment across digital, energy, and transport.
Dr. Ingmar Ritzenhofen appointed Vice Chair at SEIA (from Chief Commercial Officer, RWE Clean Energy)
RWE's Chief Commercial Officer taking the SEIA Vice Chair role reflects the company's growing US market presence.
Scott Moskowitz appointed Board Chair at SEIA (from Qcells)
Elected in a special election following Van't Hof's move to the interim CEO role.
Alvaro Ortega joined as Vice President of Finance at Avangrid (from Chief Financial Officer, Vineyard Wind)
Ortega brings offshore wind finance experience from his role as CFO of Vineyard Wind, the first commercial-scale offshore wind farm in the US. At Avangrid he takes on responsibility for Risk and Investor Relations.
Kelvin Henderson promoted to SVP, Chief Generation Officer and Enterprise Operational Excellence at Duke Energy
Henderson succeeds retiring EVP Preston Gillespie (40-year veteran). With 35+ years of nuclear experience, he joins Duke's senior management committee as the company evaluates new nuclear buildout alongside its large-scale renewables expansion.
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