The Week in Deals
12 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Mar 14 | Project Finance | Offshore Wind | Vineyard Wind (Avangrid; Copenhagen Infrastructure Partners) | — | 800 MW | MA | Operational | Vineyard Wind 1 completed physical construction on March 14, 2026, with installation of its final turbine — making it the largest US offshore wind project to complete construction. The 800 MW project off Martha's Vineyard, Massachusetts, is a joint venture of Avangrid and Copenhagen Infrastructure Partners. Commercial operations and turbine commissioning to follow. Project delivers power to Massachusetts grid. | |
| Mar 12 | Corporate M&A | Solar | Meyer Burger (bankrupt estate) | Swift Solar | — | Multi-state | Closed | Swift Solar (California perovskite startup) acquires GW-scale heterojunction (HJT) silicon cell manufacturing equipment and global IP portfolio from bankrupt Meyer Burger. Former MB CEO Gunter Erfurt and Global R&D Head Marcel Koenig joining Swift Solar. Plan: build GW-scale HJT factory in US, then add perovskite tandem layer. Equipment currently in Germany, built for US deployment. Provides 'freedom to operate' for tandem manufacturing without Asian supply chain dependence. Financial terms undisclosed. Legal: Goodwin Procter (Swift Solar). | |
| Mar 11 | Project Finance | BESS | Arevon Energy | CIBC, ING, NORD/LB, Santander, Zions Bancorporation, Goldman Sachs Alternatives | $920M | CA | Closed | $482M debt facility (CIBC left lead arranger, ING, NORD/LB, Santander, Zions), $169M preferred equity from Goldman Sachs Alternatives, $268M tax credit transfer. One of the largest standalone BESS financings in the US. | |
| Mar 11 | Tax Equity & Tax Credits | Solar+BESS | Longroad Energy | Sprouts Farmers Market | 111 MW | AZ | Closed | Sprouts Farmers Market purchases IRA tax credits (ITC transfer under Section 6418) from Sun Pond Solar+BESS project in Arizona. Structured by Schneider Electric with U.S. Bank. Project generates clean energy for ~19,000 homes annually, avoiding 145,000 metric tons COâ‚‚/year. | |
| Mar 11 | Project & Portfolio M&A | Solar | Swift Current Energy | Cypress Creek Renewables | 2,450 MW | AR | Closed | Swift Current Energy completes sale of the 2,450 MWdc Steel River solar + 2,900 MWh storage project in Arkansas to Cypress Creek Renewables. The project is backed by a 20-year PPA with an unnamed Fortune 500 technology company. One of the largest solar+storage projects in US history. Cypress Creek CEO Kevin Smith (who joined from Arevon in March 2026) is overseeing the integration. | |
| Mar 10 | Project Finance | Solar+BESS | Primergy Solar (Quinbrook Infrastructure Partners) | — | $760M | NV | Closed | Primergy closes $600M private placement senior secured notes + $160M LC facility ($760M total) refinancing for Gemini Solar + Storage (one of the largest solar+storage projects in the US). 24-year fully amortizing notes. Backed by 25-year PPA and 10-year PTC transfer agreement. Lead placement agents: BofA Securities, KeyBanc, MUFG Securities Americas. Separate from the 2024 construction financing (fin-2024-012). | |
| Mar 10 | Corporate M&A | Other | kWh Analytics | Beazley | — | CA | Announced | Beazley, the specialty insurer, acquires kWh Analytics — the leading US renewable energy MGA with $100M per-location capacity, underwriting property insurance and revenue-firming products (including parametric) for solar and storage assets. kWh Analytics database covers 300,000+ renewable assets and $150B+ in loss data. CEO Jason Kaminsky reports to Tim Turner (Group Head of MAP Risks). Evercore advised Beazley; McDermott Will & Emery advised kWh Analytics. Deal closes pending regulatory approvals. | |
| Mar 10 | Corporate M&A | Solar+BESS | Greenbelt Capital Partners; TPG Rise Climate; Climate Adaptive Infrastructure (CAI) | Alphabet (Google) | $12.00B | Multi-state | Closed | Google closes $4.75B acquisition of Intersect Power (announced Dec 22, 2025; see ma-2025-021). Intersect continues operating under its brand as a Google subsidiary, led by CEO Sheldon Kimber. Concurrent with closing, Greenbelt Capital Partners, TPG Rise Climate, and CAI launch IPX Power as an independent IPP with 4.4 GW solar + 8.8 GWh BESS carved out from Intersect's Texas and California operating assets; IPX CEO: David L. Brochu. Combined sale + IPX carve-out represents $12B total enterprise value. | |
| Mar 9 | Corporate M&A | Other | Apollo Global Management | Siris Capital Group | — | Multi-state | Announced | Siris Capital acquires majority stake in TAKKION from Apollo funds. TAKKION is a ~2,000-person integrated renewable energy services platform generating ~$600M in 2025 revenue, providing wind O&M, construction management, and logistics across the US renewables fleet. Expected close Q2 2026. | |
| Mar 9 | Project Finance | BESS | GridStor | NORD/LB, Siemens Financial Services | $120M | TX | Closed | $120M financing package including construction loan, tax equity bridge, and letters of credit. GridStor is backed by Goldman Sachs Asset Management. BESS will provide reliability services in ERCOT. | |
| Mar 9 | Project & Portfolio M&A | Solar | Greenbacker Renewable Energy Company (GREC) | KeyBanc Capital Markets (refinancing lead), MUFG, ING Capital, Intesa Sanpaolo, Société Générale, Wells Fargo | $400M | NY | Closed | Greenbacker completes $400M+ in strategic portfolio refinancings, loan extensions, and construction loan upsizing on the Cider Solar portfolio (674 MWdc / 500 MWac, Genesee County, NY). The original $950M project financing closed January 2025 (fin-2025-006). This refinancing demonstrates Greenbacker's ability to access capital markets for its operating portfolio. Greenbacker describes the transaction as reflecting 'strong banking relationships and capital markets execution.' | |
| Mar 5 | Project & Portfolio M&A | Natural Gas | Oregon Clean Energy (Ares EIF, I Squared Capital) | Indiana Michigan Power (AEP) | 870 MW | OH | Closed | AEP subsidiary Indiana Michigan Power completes acquisition of 870 MW gas plant to meet rising demand. IURC and FERC approvals secured in 2025. Part of I&M's Future Ready generation plan. |
Change of Control
6 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.
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.
Terrell Kirk Crews II departed NextEra Energy as EVP and Chief Risk Officer
Leaving NextEra for an undisclosed CFO role after four years overseeing finances at one of the largest US clean energy platforms.
David Foster joined as Executive Vice President and Chief Financial Officer at Eaton (from Independent Consultant, David B Foster LLC (Eaton consultant))
Returns to Eaton after nearly three decades to lead financial strategy as the company targets 7-9% organic growth in 2026, driven by data center and grid modernization demand.
Ben 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.
Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul Weiss (from Partner, Kirkland & Ellis)
Third Kirkland partner to defect to Paul Weiss's new Houston office, following Sean Wheeler (who advised on Marathon Oil's $22.5B sale to ConocoPhillips) and Debbie Yee (who advised on TPG Rise Climate's $2.2B acquisition of Altus Power). A striking talent raid on Kirkland's energy M&A bench.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.