The Week in Deals
7 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 28 | Project Finance | Solar | Arevon Energy | Intesa Sanpaolo, Crédit Agricole | $183M | IL | Closed | Tax equity bridge + construction-to-term loan + LC facility. Intesa Sanpaolo and Crédit Agricole as Coordinating Lead Arrangers, Joint Bookrunners, and Green Loan Coordinators. Crédit Agricole as Administrative Agent, BNY as Collateral Agent. Arevon cumulative project financings reach $5.1B over two years. COD expected end of 2026. | |
| Feb 25 | Project Finance | Solar+BESS | Georgia Power / Alabama Power (Southern Company subsidiaries) | US Department of Energy — Office of Energy Dominance Financing | $26.50B | AL, GA | Closed | Largest DOE loan in department history. Issued under Office of Energy Dominance Financing (One Big Beautiful Bill Act). Projects $7B savings for GA/AL customers over 30-year term; reduces Southern Company interest expense by $300M/year. Part of Southern Company $81B five-year capex plan (2026-2030). | |
| Feb 24 | Corporate M&A | Solar+BESS | Xcel Energy | 1,900 MW | MN | Announced | Landmark hyperscaler deal with 100-hour iron-air battery (Form Energy). Largest long-duration energy storage project globally. Google commits to full infrastructure costs for Pine Island data center. | ||
| Feb 24 | Corporate M&A | BESS | Recurrent Energy (Canadian Solar subsidiary) | Hunt Energy Network | 100 MW | TX | Closed | Recurrent Energy sells operating 200 MWh merchant BESS in ERCOT South to Hunt Energy Network. Fort Duncan reached COD June 2025 as top-performing standalone storage system in ERCOT South. Acquisition brings Hunt Energy Network battery portfolio to 420 MW. | |
| Feb 23 | Project & Portfolio M&A | Solar+BESS | Excelsior Energy Capital | Enel SpA | $1.00B | Multi-state | Announced | Enel acquires 830 MW operating wind+solar portfolio generating ~2.1 TWh/yr. Brings Enel's North American renewables capacity to ~13 GW. | |
| Feb 23 | Project Finance | Solar | OCI Energy / Arava Power | ING Capital | $394M | TX | Closed | Construction-to-term loan + tax equity bridge + LCs. Marks Israel-based Arava Power's entry into the US market. COD expected late 2027. | |
| Feb 18 | Project & Portfolio M&A | Solar+BESS | Hecate Energy | Savion (Shell) | 2,000 MW | WA | Closed | Shell subsidiary Savion acquires one of the largest US solar+storage development projects. Located at DOE's Hanford Site in southeastern Washington. Hecate retains support role; adds to 12+ GW sold track record. |
Change of Control
5 movesBen Downing joined as Chief Executive Officer at Massachusetts Clean Energy Center (from Chief Growth Officer, The Engine)
Former MA state senator who authored the state's offshore wind law takes charge of MassCEC's $41M grants budget. Previously backed climatetech startups like Form Energy and Sublime Systems at MIT's The Engine.
David Carroll appointed Board Chair at American Clean Power Association (from CEO and Chief Renewables Officer, ENGIE North America)
Carroll leads ENGIE North America's renewables activities spanning utility-scale wind, solar, distributed generation, and storage. His appointment comes as ACP projects 90%+ of new US power capacity in 2026 will come from clean energy sources.
Ken Young appointed Board Chair-Elect at American Clean Power Association (from President and CEO, Apex Clean Energy)
Young leads Apex Clean Energy, one of the largest independent renewable energy developers in the US. As ACP Chair-Elect, he is positioned to lead the trade group in 2027.
Philippe Bonin joined as Executive Vice President and Chief Financial Officer at Boralex (from Chief Financial Officer, Cogeco)
Bonin joins Boralex (TSX: BLX; 3,783 MW installed capacity) from Cogeco with prior experience at TC Transcontinental, Caisse, and E&Y. His arrival also reorganizes CSR and Enterprise Risk Management under Finance -- signaling tighter capital discipline as Boralex pursues its 8.2 GW development pipeline.
Jane Flegal departed Searchlight Institute as Director
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