The Week in Deals
9 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 18 | Project & Portfolio M&A | Solar | Geenex | CleanChoice Energy | 222 MW | NC | Announced | CleanChoice triples generation capacity to 332 MW. Two utility-scale solar projects in North Carolina, marking expansion into new state. | |
| Feb 18 | Corporate M&A | Solar | MyPower (Mitsui & Co.) | Perch Energy | 3,000 MW | Multi-state | Closed | Perch becomes largest pure-play community solar platform in the US — 3+ GW across 1,000+ projects in 16 states. Strategic consolidation in distributed solar. | |
| Feb 18 | Corporate M&A | BESS | Energy Vault Holdings (NRGV) | Convertible note investors | $150M | CA | Closed | Convertible notes financing. First positive adjusted EBITDA ($5-10M) in Q4 2025. Strategic pivot to AI data center energy via Crusoe partnership. | |
| Feb 18 | Corporate M&A | Other | Heron Power | Andreessen Horowitz, Breakthrough Energy Ventures | $140M | Multi-state | Closed | Series B to build a 40 GW automated US manufacturing facility for next-gen power grid infrastructure. Notable VC conviction in grid hardware. | |
| Feb 18 | Project Finance | BESS | Linea Energy | DESRI (preferred equity) | 235 MW | TX | Closed | DESRI signed preferred equity financing agreement with Linea Energy for Duffy BESS. Debt structure (closed December 2025) includes construction-to-term loan, tax equity bridge, and LC facility led by NORD/LB as coordinating lead arranger with Societe Generale and SMBC as joint lead arrangers. | |
| Feb 18 | Strategic & Growth Capital | Other | Heron Power | Andreessen Horowitz (a16z American Dynamism Fund, co-lead), Breakthrough Energy Ventures (co-lead), Capricorn Investment Group, Energy Impact Partners, Valor Atreides AI Fund, Gigascale Capital | $140M | CA | Closed | Heron Power raises $140M Series B co-led by Andreessen Horowitz (a16z American Dynamism Fund) and Breakthrough Energy Ventures. CEO Drew Baglino (ex-Tesla SVP Powertrain & Energy, 18 years at Tesla) founded Heron to build solid-state transformers (Heron Link) that directly connect solar, batteries, and data center compute to medium-voltage AC grids — eliminating traditional transformers. Plans 40 GW/year manufacturing capacity. Additional investors: Capricorn Investment Group, Energy Impact Partners, Valor Atreides AI Fund, Gigascale Capital. HQ: Scotts Valley, CA. | |
| Feb 18 | Power Purchase & Offtake | BESS | NextEra Energy Resources | Basin Electric Power Cooperative | $129M | ND | Signed | NextEra Energy Resources receives NDPSC Certificate of Site Compatibility for the 100 MW / 400 MWh Northern Divide Energy Storage project in Burke County, North Dakota. Backed by a 24.5-year energy storage agreement with Basin Electric Power Cooperative, the project is expected to begin construction in 2026 with commercial operations by December 2026. LG Energy Solution supplies lithium-ion batteries; the project connects via existing 345 kV transmission infrastructure serving the Southwest Power Pool. | |
| Feb 17 | Project Finance | Solar+BESS | Lydian Energy | CIBC, MUFG | $689M | NM, TX, UT | Closed | First full-stack financing closed by Lydian (founded 2024). Three-project portfolio demonstrates institutional appetite for de-risked solar with integrated storage. Construction-to-term + tax credit bridge structures. | |
| Feb 12 | Regulatory & Permits | Wind | Invenergy (Philip Wind Partners) | — | $750M | SD | Announced | South Dakota PUC approves largest wind farm in state history. Invenergy subsidiary Philip Wind Partners plans 87-turbine project on 68,300 acres. 5.5-mile 230-kV gen-tie line. ~$85M in landowner payments and ~$50M in property taxes over 30 years. COD expected Dec 2027. |
Change of Control
3 movesJustin Johnson named interim Interim Chief Executive Officer at Arevon Energy
Steps up from COO after Kevin Smith's resignation. Arevon owns and operates ~6 GW of solar and storage across 18 states.
Feb 20
Kevin Smith departed Arevon Energy as Chief Executive Officer
Smith's exit leaves a leadership gap atop one of the largest US independent solar and storage platforms (~6 GW, ~$11B invested). COO Justin Johnson has stepped in as interim CEO.
Feb 20
Seth Richardson promoted to Partner, Project Development & Finance at Latham & Watkins
San Diego-based renewable energy project finance lawyer elected to partnership as part of Latham's 2026 class. Advises sponsors, investors, and lenders on development and financing of renewable energy projects, data centers, and LNG terminals.
Feb 20
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