The Week in Deals
11 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Mar 6 | Project Finance | Solar | Sol Systems | — | $300M | OH | Financial Close | Sol Systems’ first utility-scale project in PJM. Expected to produce ~279,600 MWh annually, enough for 29,000+ homes. COD expected 2026. | |
| Mar 6 | Project Finance | Solar | Sol Systems | — | $334M | TX | Financial Close | SOLV Energy selected as EPC contractor. Expected to power ~57,935 homes annually and create ~300 construction jobs at peak. COD expected 2026. | |
| Mar 5 | Power Purchase & Offtake | Solar | Zelestra (formerly known as X-Elio Energy) | Meta Platforms | 441 MW | TX | Announced | Zelestra signs long-term corporate PPAs with Meta for a 441 MWdc two-project solar portfolio in Texas. Echols Grove (253 MWdc, Lamar County) and Cedar Range (188 MWdc, Hopkins County) were under construction as of the announcement. Zelestra is the US brand of Spain-based X-Elio Energy, backed by KKR. | |
| Mar 4 | Corporate Debt & Capital Markets | Solar | Clean Power Alliance | — | $963M | CA | Closed | Rated Baa1 by Moody’s with Kestrel green bond designation. Locks in $66.6M in renewable energy cost savings over 10 years. Receives PCC1-eligible (highest-tier California) renewable energy. | |
| Mar 4 | Project Finance | Solar+BESS | Avantus (backed by KKR and EIG) | BBVA / CIBC New York Branch | $300M | AZ | Closed | Construction financing includes construction loan, tax equity bridge, and letters of credit. EPC by RES; Fluence Gridstack Pro BESS. APS long-term PPA. Expected COD end of 2026. Legal advisors: White & Case, Fennemore Craig, Akin Gump Strauss, Quarles & Brady. | |
| Mar 4 | Regulatory & Permits | Nuclear | TerraPower | — | 345 MW | WY | Approved | The US Nuclear Regulatory Commission voted March 4, 2026 to issue the construction permit for TerraPower's Kemmerer Power Station Unit 1 — the first NRC construction permit ever issued for a non-light-water commercial advanced reactor (Natrium sodium-cooled fast reactor). Backed by DOE Advanced Reactor Demonstration Program ($2B+ cost-share). Commercial operation targeted ~2031. Google and Microsoft have expressed interest in advanced nuclear offtake. Verified via LinkedIn signal from Christopher Levesque. | |
| Mar 3 | Project & Portfolio M&A | Solar | Pine Gate Renewables | Nofar USA (Nofar Energy) | $285M | AL, NC, SC, TX | Closed | Bankruptcy §363 asset sale. Pine Gate filed Chapter 11 in Nov 2025 citing legislative headwinds (One Big Beautiful Bill Act). Nofar won competitive bid; assumed ~$260M project debt + $30M additional costs. Grows Nofar USA portfolio to 2.3 GWdc solar + 1.5 GWh storage. | |
| Mar 3 | Corporate M&A | Solar+BESS | Brookfield Renewable (Deriva Energy, Scout Clean Energy, Urban Grid) | Northview Energy | $2.60B | Multi-state | Announced | New platform co-owned equally by BCI, Norges Bank Investment Management, and Brookfield. Seed assets sourced from Brookfield-managed Deriva Energy, Scout Clean Energy, and Urban Grid. Framework agreement for up to $1.5B additional equity acquisitions from Brookfield portfolio companies. Expected launch Q2 2026 pending approvals. | |
| Mar 3 | Project & Portfolio M&A | BESS | Aggreko IPP Solutions | Bimergen Energy (NYSE American: BESS) | 79 MW | TX | Closed | Bimergen Energy acquires 8-site BESS portfolio (8 × 9.9 MW / ~158 MWh) from Aggreko IPP Solutions in ERCOT South. Sites across Port Lavaca, Corpus Christi, Victoria, and McAllen, Texas. Subsequently awarded $80M EPC contract to TruGrid (March 19, 2026) for the first 40 MW / 80 MWh tranche targeting COD late 2026 / early 2027. | |
| Mar 3 | Power Purchase & Offtake | BESS | ESS Tech | — | 5 MW | AZ | Signed | ESS Tech signs 10-year energy storage agreement with Salt River Project for a 5 MW / 50 MWh iron flow battery pilot at SRP's Copper Crossing Energy and Research Center in Florence, AZ. Google provides partial funding via cost-sharing; EPRI serves as independent technical oversight. Batteries deliver 10-hour duration using ESS Energy Base platform (iron, salt, water chemistry). Manufacturing begins 2026; delivery targeted December 2027. Part of SRP's broader Project New Horizon multi-technology LDES portfolio, which also includes CMBlu Energy's Desert Blume pilot (5 MW / 50 MWh organic flow). ESS batteries carry 25-year life expectancy and >90% domestic content. | |
| Mar 2 | Corporate M&A | Solar+BESS | AES Corporation (NYSE: AES) | Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority | $33.40B | Multi-state | Announced | BlackRock GIP leads consortium with EQT Infrastructure VI, CalPERS and Qatar Investment Authority to acquire AES at $15/share cash, a 40.3% premium to 30-day VWAP. AES taken private; AES Indiana and AES Ohio remain locally regulated utilities. Driven by surging AI/data center power demand. Close expected late 2026 or early 2027. |
Change of Control
7 movesRicardo Falú promoted to President at AES Corporation
Falú takes on the President title as Andrés Gluski narrows his role to CEO only. The timing coincides with AES's announced merger agreement with Horizon Parent, L.P., suggesting succession planning around that deal.
Juan Ignacio Rubiolo promoted to EVP, Chief Operating Officer, and President of Energy Infrastructure SBU at AES Corporation
The dual promotion of Falú and Rubiolo signals a generational leadership transition at one of the largest clean energy companies in the Americas.
Ben Lamb joined as Chief Financial Officer at Leeward Renewable Energy
New CFO at the OMERS-backed developer and owner of 3 GW of wind, solar, and storage across the US.
Caitlin Beer joined as Chief Legal Officer at Leeward Renewable Energy
Joins alongside new CFO Ben Lamb in a dual C-suite hire at Leeward, reporting to CEO Jason Allen.
Raj Narayanan joined as Chief Financial Officer at GS Power Partners
New CFO at the Goldman Sachs-affiliated power platform.
Kevin Smith joined as Chief Executive Officer at Cypress Creek Renewables (from Chief Executive Officer, Arevon Energy)
Smith brings a track record of scaling platforms — he oversaw $5.6B in solar and storage projects at Arevon and $3.5B at Lightsource bp before that. He inherits Cypress Creek's 3.4 GW operating portfolio backed by EQT.
Sarah Slusser departed Cypress Creek Renewables as Chief Executive Officer
Slusser led Cypress Creek for seven years, transforming it from a development shop into a 3.4 GW IPP across 24 states — including overseeing the EQT acquisition in 2021.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.