The Week in Deals
6 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 18 | Regulatory & Permits | Solar+BESS | Xcel Energy (multiple developers) | — | 3,196 MW | CO | Approved | Colorado PUC expanded approval to 3,196 MW on Feb 18 (initially approved ~1,700 MW on Jan 28). Expedited Near Term Procurement to capture expiring ITC/PTC credits before July 4 safe harbor deadline. Includes 600 MW wind, 200 MW gas, 300 MW storage, and balance in solar. Two additional projects pending April 2 decision could bring total to 3,800-4,100 MW. Three projects in just-transition coal communities (Pueblo, Routt counties). | |
| Feb 10 | Project & Portfolio M&A | Solar | Invenergy | Puget Sound Energy (PSE) | 90 MW | WA | Closed | Puget Sound Energy acquires Schnebly Coulee Solar (90 MW) from Invenergy via Asset Purchase Agreement. Project on ~1,314 acres in Kittitas County, WA. Construction began August 2025; COD targeted June 2029. Expected to generate ~213 GWh annually (powers ~20,000 homes). Interconnects at Wind Ridge 230 kV substation. Supports PSE's Clean Energy Transformation Act (CETA) compliance. | |
| Feb 9 | Project Finance | Solar+BESS | Ameresco | CounterpointeSRE, Barings | 97 MW | Multi-state | Closed | Long-term debt financings under private shelf facility, paired with ITC transfers under IRA Section 6418. Growing trend of bundling project finance with transferable credits. | |
| Feb 9 | Project Finance | Solar+BESS | Ameresco | Undisclosed | — | Multi-state | Closed | Multiple ITC transfers under IRA Section 6418. Executed concurrently with long-term debt financings. Growing trend of pairing project finance with transferable credit sales. | |
| Feb 9 | Corporate M&A | Solar | TotalEnergies | 1,000 MW | TX | Announced | Largest renewable PPA ever signed by TotalEnergies in the US. 28 TWh over contract term. Construction begins Q2 2026. Complements Google's 1.2 GW Clearway deal. | ||
| Feb 9 | Project Finance | BESS | NineDot Energy | Natixis Corporate & Investment Banking | $431M | NY | Closed | Construction-to-term loan, tax-credit-transfer bridge loan, and LC facility. Natixis CIB as sole lead arranger and bookrunner. NineDot has raised $1B+ total for NYC metro battery storage. 28 BESS projects reaching COD through end 2027. Targeting 400 MW by end 2026; 1.6 GWh across 5 boroughs by 2028. 3,000+ jobs, $3.5B lifetime economic output. Prior: $65M equipment financing from First Citizens Bank (Jan 2025); $175M revolving from Deutsche Bank. |
Change of Control
4 movesConnor Teskey promoted to President and CEO at Brookfield Asset Management
Teskey succeeds Bruce Flatt, who moves to an executive chairman role. Brookfield is the world's largest investor in renewable energy and decarbonization — Teskey's elevation signals continuity in the firm's energy transition strategy.
Neal Kemkar joined as Chief Network Officer at Ceres (from GE)
Kemkar — who has held roles at the White House and GE — will lead Ceres' network of institutional investors and corporations advocating for clean energy policy. His appointment comes as federal clean energy support contracts and Ceres' investor coalition faces its most consequential advocacy season in a decade.
Melissa Raciti-Knapp joined as Partner, Finance at Vinson & Elkins (from Head of US Energy and Infrastructure, Freshfields)
A marquee lateral hire — Raciti-Knapp led Freshfields' US energy and infrastructure practice and co-headed its Latin America practice. She is Chambers-ranked for projects work and joins V&E to meet surging demand in power and data center project finance.
Thomas Verity joined as Partner, Energy M&A at Norton Rose Fulbright (from Partner, Latham & Watkins)
Houston-based lateral with extensive cross-border energy M&A experience. Norton Rose Fulbright continues investing in its energy capital presence.
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