The Week in Deals
19 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Mar 20 | Project Finance | Natural Gas | SoftBank Group; SB Energy; AEP Ohio | — | $33.00B | OH | Announced | SoftBank CEO Masayoshi Son broke ground on March 20 at the former DOE Portsmouth uranium enrichment site in Piketon, OH, rebranded as the PORTS Technology Campus. Phase 1: 800 MW data center (online in ~2 years). Full build: 10 GW data center capacity with up to 10 GW co-located power generation including 9.2 GW natural gas. Son stated total investment could reach $1 trillion over 50 years. Part of a broader $550B Japanese investment in the US linked to trade tariff negotiations. DOE Secretary Chris Wright and Commerce Secretary Howard Lutnick attended. SoftBank assembled a consortium of American and Japanese firms. Separate from SoftBank's Stargate AI initiative with OpenAI and Oracle. Officials stated the co-located power plant would not increase local electricity bills and excess capacity would feed back into the PJM grid. | |
| Mar 19 | Project Finance | Geothermal | Fervo Energy | RBC Capital Markets, Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui Trust Bank | $421M | UT | Closed | First commercial-scale non-recourse project finance for an enhanced geothermal system (EGS) in the US. Debt package: $309M construction-to-term loan + $61M tax credit bridge loan + $51M LC facility. RBC Capital Markets served as financial advisor and coordinating lead arranger. Additional lenders: J.P. Morgan, Bank of America, and Sumitomo Mitsui Trust Bank. PPAs with Southern California Edison and Shell Energy. Cape Station will reach 500 MW by early 2027. | |
| Mar 19 | Project Finance | Solar | Doral Renewables LLC | Fifth Third Bank (tax equity); HSBC (term debt + LC); KeyBank (term debt); Third-party tax credit buyer | $103M | OH | Closed | Doral Renewables completes final funding for Great Bend Solar in Meigs County, OH. Total financing: $27M+ tax equity (Fifth Third Bank), $35M ITC transfer (third-party buyer), ~$33M term debt (HSBC + KeyBank), $8M LC facility. Construction debt of $38M+ repaid. Project will generate $400K+ annually in local tax revenue. Funding event completed February 20, 2026; announcement March 19. | |
| Mar 18 | Project & Portfolio M&A | Natural Gas | Constellation Energy | LS Power | $5.00B | DE, PA | Announced | Required divestiture for Constellation's $16.4B Calpine acquisition (closed Jan 2026). DOJ and FERC required disposal of overlapping PJM assets to clear antitrust review. At ~$1,142/kW, reflects premium valuation for dispatchable PJM capacity. Constellation still must divest the 606 MW Jack Fusco plant in ERCOT. | |
| Mar 18 | Project & Portfolio M&A | Solar | Avantus | — | 125 MW | TX | Closed | Avantus completes 159 MWdc / 125 MWac Norton Solar Project in Runnels County, Texas with co-owner Toyota Tsusho America. EPC by RES. ~250 peak construction jobs. Construction ran August 2024 – March 2026. Avantus pipeline: ~24 GWDC solar and 75 GWh storage across the western US. | |
| Mar 17 | Strategic & Growth Capital | BESS | LG Energy Solution | LG Energy Solution | $4.30B | MI | Announced | Tesla confirmed by US government as buyer in LG Energy Solution's $4.3B LFP supply agreement. LG will repurpose the 50 GWh ex-Ultium Cells 3 plant (former LG/GM JV, GM sold stake May 2025) in Lansing, MI to produce LFP prismatic cells for Tesla's next-generation Megapack 3 energy storage systems. Three-year supply contract from 2027 to mid-2030 with extension options up to 7 years. Announced at Indo-Pacific Energy Security Summit in Japan as part of $56B US private sector commitments. Production starts 2027. | |
| Mar 17 | Project Finance | Solar | Origis Energy | J.P. Morgan; MUFG | 150 MW | IN | Operational | Origis Energy achieved commercial operations on Feb 27, 2026 for its 210 MWdc / 150 MWac Wheatland Solar project in Knox County, Indiana, its first utility-scale solar project in the state. The project operates under a 20-year PPA with CenterPoint Energy, with tax equity provided by J.P. Morgan and debt financing from MUFG. Origis now surpasses 2.3 GW of owned and operating capacity. | |
| Mar 17 | Power Purchase & Offtake | BESS | Jupiter Power; Elevate Renewables; North America Energy Storage Corp | — | 355 MW | NJ | Awarded | NJ Board of Public Utilities awarded Garden State Energy Storage Program incentives to three transmission-connected BESS projects totaling 355 MW: Jupiter Power's Woods Landing Storage (200 MW, Sayreville), Elevate Renewables' Two Rivers/Garden State Reliability Project (150 MW, Bergen County), and North America Energy Storage Corp (5 MW). Both Jupiter Power and Elevate Renewables are ArcLight Capital Partners portfolio companies. Ratepayer savings estimated at $169M over program life. BPU simultaneously opened a solicitation for an additional 645 MW. | |
| Mar 17 | Project Finance | Solar | Sunraycer Renewables (Crayhill Capital Management) | — | 620 MW | TX | Under Construction | Sunraycer Renewables (backed by Crayhill Capital Management) breaks ground on a 620 MWdc solar + 477 MWh BESS portfolio in Northeast Texas. Lupinus I+II (520 MWdc / 411 MWh) in Hagansport, Franklin County targets early 2028 COD; Eagle Springs (100 MWdc / 66 MWh) in Lake Creek, Hopkins County targets November 2026 COD. McCarthy Building Companies is EPC contractor. e-STORAGE (Canadian Solar) supplying BESS for Eagle Springs. | |
| Mar 17 | Power Purchase & Offtake | BESS | e-STORAGE (Canadian Solar) | — | 500 MW | Multi-state | Announced | e-STORAGE (Canadian Solar subsidiary) to deliver 2.5 GWh BESS comprising 500 SolBank 3.0 containers (500 MW / 2,493 MWh) to an undisclosed major US utility for data center grid support. Shipments scheduled March-July 2027. | |
| Mar 17 | Power Purchase & Offtake | Solar+BESS | Invenergy | Salt River Project (SRP) | 200 MW | AZ | Announced | First partnership between SRP and Invenergy. SRP is Arizona's largest utility and is targeting more than doubling its power system capacity over the next decade to meet Phoenix metro area demand. SunDog is Invenergy's 17th facility in Arizona. Project expected to power ~45,000 Valley homes and generate $209M+ in local taxes, land costs, and lease payments to Pinal County. Construction supports 200-400 peak jobs. | |
| Mar 17 | Strategic & Growth Capital | BESS | Ultium Cells LLC (GM + LG Energy Solution JV) | — | $70M | TN | Announced | Ultium Cells LLC (GM + LG Energy Solution JV) invests $70M to retool its Spring Hill, Tennessee facility from EV battery production to LFP cells for stationary grid-scale energy storage. Cells will supply LG Energy Solution Vertech for grid-scale BESS assembly. ~700 previously furloughed workers returning to support production. Q2 2026 production start target. Part of GM/LG's broader 60+ GWh global storage target. Note: The pipeline candidate (dc-2026-04-01-ultium1) contained an erroneous value of $370M; all primary sources confirm $70M. | |
| Mar 16 | Project Finance | Solar+BESS | Enlight Renewable Energy | HSBC, ING, KeyBanc Capital Markets, MUFG | $304M | ID | Closed | $304M construction financing and term debt commitments. Post-COD term loan of $166M at 5.8% all-in. 20-year busbar solar PPA and 20-year storage tolling agreement with Idaho Power. Developed by Clenera, Enlight's US subsidiary. | |
| Mar 16 | Project Finance | Solar+BESS | Copia Power | BNP Paribas, CIBC, Credit Agricole CIB, KeyBanc Capital Markets, Natixis CIB, Wells Fargo, CoBank | $1.71B | AZ | Closed | $1.71B construction loan with BNP Paribas, CIBC, Credit Agricole CIB, KeyBanc Capital Markets, Natixis CIB, and Wells Fargo as coordinating lead arrangers. CoBank committed $125M as joint lead arranger. Two 20-year PPAs with Arizona Public Service. Copia Power is a Carlyle portfolio company. Total capital raised exceeds $3.5B. | |
| Mar 16 | Corporate M&A | BESS | Samsung SDI | — | $1.00B | IN | Announced | 4-year ESS battery supply contract (2026-2029) worth ~$1B (1.5 trillion won). Cells produced at StarPlus Energy JV plant in Kokomo, IN (Samsung SDI / Stellantis). Initially NCA chemistry, transitioning to LFP. Buyer is an undisclosed US energy firm. | |
| Mar 16 | Project Finance | Offshore Wind | Ørsted; Skyborn Renewables (Global Infrastructure Partners) | — | 700 MW | RI | Operational | Revolution Wind achieved commercial operations on March 16, 2026, becoming the third US offshore wind project to deliver power to the grid. The 700 MW project is co-developed by Ørsted and Skyborn Renewables (owned by Global Infrastructure Partners) and supplies power under 20-year PPAs to utilities in Rhode Island and Connecticut. Expected to power 350,000+ homes. | |
| Mar 16 | Power Purchase & Offtake | Solar | DTE Energy | Google (Alphabet Inc.) | 1,600 MW | MI | Announced | DTE Energy Board approved a Primary Supply Agreement (PSA) and Clean Capacity Accelerator Agreement (CCAA) with Google for a 1 GW data center campus ("Project Cannoli") in Van Buren Township, MI. Under the CCAA, DTE Electric will deploy up to 1,600 MW of renewable generation and 480 MW of energy storage at Google's cost over a 20-year term. Total new resources: 2,700 MW (including demand flexibility). Service begins December 2027, reaching full load in late 2028. Requires Michigan PSC (MPSC) regulatory approval. Disclosed via DTE Energy 8-K SEC filing March 16, 2026. | |
| Mar 16 | Power Purchase & Offtake | Solar | ForeFront Power | — | 48.4 MW | NM | Announced | ForeFront Power, Pluma Construction, and Standard Solar bring 8-project 48.4 MW community solar portfolio to New Mexico under the state's 300 MW community solar program. Projects located in Las Vegas, Las Cruces, Tularosa, Silver City, Alamogordo, Lordsburg, and Clovis (x2). Standard Solar acquires and operates; first projects already operational. | |
| Mar 16 | Strategic & Growth Capital | Other | Halcyon | Energize Capital (lead), Zero Infinity Partners, Congruent Ventures, Obvious Ventures, Sabanci Climate Ventures | $21M | Multi-state | Closed | Halcyon raises $21M Series A led by Energize Capital. Halcyon builds an AI software platform that aggregates and organizes data from public utility commissions, energy regulators, and grid operators — enabling energy developers, financiers, hyperscalers (including OpenAI), and digital infrastructure providers to track regulatory proceedings and grid opportunities. Tyler Lancaster (Partner, Energize Capital) joined the board. Co-investors: Zero Infinity Partners, Congruent Ventures, Obvious Ventures, Sabanci Climate Ventures. Also covered by Axios Pro Climate Deals (Katie Fehrenbacher). Founded 2023. |
Change of Control
14 movesJustin Johnson promoted to Chief Executive Officer at Arevon Energy (from Interim Chief Executive Officer, Arevon Energy)
Johnson converts from interim to permanent CEO after a 2025 in which Arevon brought 1.7 GW online and raised $2.3B in project financing — a performance that made his case. The COO seat he vacated remains unfilled as Arevon searches for a successor.
Christina Akay promoted to Chief Marketing Officer at SolaREIT (from Director of Marketing, SolaREIT)
Akay's elevation to CMO from Director reflects SolaREIT's deliberate brand-building push as the minority- and women-owned REIT expands beyond generation site financing into substation and transmission corridor capital (3 GW / $5B in deals financed to date).
Albert Cheung promoted to Chief Executive Officer at BloombergNEF (from Deputy Chief Executive Officer, BloombergNEF)
Cheung succeeds Jon Moore after 12 years as BNEF CEO; as the sector's premier energy transition data and analytics provider, BNEF's CEO transition matters to the entire clean energy investment community. Cheung has led BNEF's global transition research since 2017.
Matt Tormollen joined as Chief Executive Officer at Ascend Analytics (from Chief Executive Officer, POWWR)
Tormollen succeeds founder Dr. Gary Dorris (transitioning to Executive Chair & Chief Economist) at Ascend Analytics, which serves 250+ utilities, financiers, developers, and IPPs with power market intelligence tools. Backed by Rubicon Technology Partners, Galvanize, and Silversmith Capital Partners.
Emily Cohen appointed Independent Director at Array Technologies, Inc. (from Chief Commercial Officer, Primergy Solar)
Cohen brings 20+ years of clean energy project development experience to Array Technologies board — as CCO of Primergy Solar (a full-service utility-scale solar and BESS developer), she deepens Array's connection to the utility-scale developer community.
Carolyne Murff appointed Independent Director at Array Technologies, Inc. (from Chief Executive Officer, Clearlight Energy)
Murff brings 30+ years of energy industry experience including 20+ at LS Power to Array's board; her current role as CEO of Clearlight Energy (LS Power, 4.3 GW operating fleet across 54 renewable projects) gives Array direct insight into large IPP procurement and operational requirements.
John P. Schauerman departed Primoris Services Corporation as Board of Directors Member
Schauerman will not stand for re-election at Primoris's April 30, 2026 Annual Meeting, retiring after a decade on the board; Primoris is a top-tier EPC contractor for utility-scale solar and storage projects across the US.
Samuel Leupold appointed Board Member (Proposed, pending AGM vote April 9, 2026) at Ørsted (from Executive Vice President and CEO Wind Power, Ørsted / DONG Energy)
Leupold's return to the Ørsted orbit is notable — he was one of the architects of DONG Energy's pivot to offshore wind. Joins alongside Karen Boesen (CFO, DFDS) and Karl Johnny Hersvik (CEO, Aker BP) as outgoing directors Judith Hartmann and Annica Bresky depart. Pending Ørsted AGM April 9, 2026.
Karen Boesen appointed Board Member (Proposed, pending AGM vote April 9, 2026) at Orsted (from Chief Financial Officer, DFDS)
Boesen brings CFO and logistics-sector capital markets experience from DFDS to Orsted board. One of three nominees proposed at March 17 AGM notice alongside Samuel Leupold and Karl Johnny Hersvik, as outgoing directors Judith Hartmann and Annica Bresky decline re-election. Pending shareholder vote April 9, 2026.
Karl Johnny Hersvik appointed Board Member (Proposed, pending AGM vote April 9, 2026) at Orsted (from Chief Executive Officer, Aker BP)
Hersvik brings offshore energy sector expertise as sitting CEO of Aker BP to the Orsted board. One of three nominees proposed at March 17 AGM notice alongside Samuel Leupold and Karen Boesen. Pending shareholder vote April 9, 2026.
Brendan Burtis promoted to Vice President, Finance at SolaREIT (from SolaREIT)
Part of a coordinated SolaREIT leadership expansion timed to the firm's move into grid infrastructure real estate financing — Burtis will support structuring of substation and transmission land capital deals.
Valerio Lombardo joined as Executive Vice President of Corporate Finance at SolaREIT
Lombardo joins SolaREIT as it expands its land financing platform beyond solar farms to cover substations and transmission corridors — addressing a key interconnection bottleneck for US solar and storage development.
Andrés Gluski named President and Chief Executive Officer → Chief Executive Officer at AES Corporation (from President and Chief Executive Officer, AES Corporation)
As part of the AES Corp leadership restructuring coinciding with the $33.4B GIP/EQT take-private announcement, Gluski ceded the President title to Ricardo Falú while retaining the CEO role. Juan Ignacio Rubiolo was simultaneously appointed EVP & COO. Effective March 2, 2026; disclosed in AES 8-K filed March 19, 2026 (Item 5.02).
George Burdette promoted to Chief Executive Officer (concurrent with CFO role) at Verde Clean Fuels (from Chief Financial Officer, Verde Clean Fuels)
Burdette takes the helm as Verde simultaneously engages Roth Capital Partners to evaluate strategic alternatives including merger, sale, or licensing of its STG+ gas-to-liquids technology. Background includes CFO roles at Arbor Renewable Gas and Itafos, and Head of Project Finance at First Solar (led sale of 8point3 Energy Partners). Departing CEO Ernie Miller stays on as senior advisor. Dual CEO/CFO appointment reflects cost pressure and restructuring.
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