The Week in Deals
23 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Mar 27 | Power Purchase & Offtake | Solar+BESS | Entergy Louisiana | Meta Platforms | 2,500 MW | LA | Announced | First agreement filed under Louisiana PSC's Lightning Amendment for large-scale economic development. Meta data center facility could scale to 5 GW. Meta pays full cost of service; total customer benefit ~.65B over 20 years combined with prior announcement. Also includes 5,200+ MW of new natural gas combined-cycle capacity (7 plants) and ~240 miles of new 500 kV transmission. Nuclear uprates and future development MOU included. Financial implications to be discussed at Entergy Q1 2026 earnings call April 29, 2026. Regulatory review pending before Louisiana PSC. | |
| Mar 27 | Regulatory & Permits | BESS | DTE Electric Co. | — | 1,332 MW | MI | Approved | Michigan Public Service Commission approves DTE Electric's 1,332 MW battery storage portfolio across six projects: (1) Big Mitten Energy Center — 450 MW, Huron County (third-party developer, 20-year tolling); (2) Monroe I Energy Center — 350 MW, Monroe County (DTE self-build); (3) Fermi Energy Center — 200 MW, Monroe County (DTE self-build); (4) Cold Creek Energy Center, (5) Fish Creek Energy Center, (6) Pine River Energy Center — 332 MW combined, Washtenaw County, serving Green Chile Ventures data center (Saline Township). Projects 1–3 fulfill 2023 IRP settlement requiring 850+ MW storage. Projects 4–6: Green Chile Ventures bears 15-year costs; DTE owns/operates; Green Chile receives wholesale revenues. DTE total BESS portfolio reaches 2,606 MW post-approval. Note: DTE's Cold Creek Energy Center (MI) is distinct from Doral's Cold Creek Solar + Storage (TX, fin-2026-087). | |
| Mar 26 | Project Finance | BESS | esVolta | MUFG Bank (lead lender); Generate Capital | $140M | TX | Announced | esVolta closes $139.6 million project financing package for Boxcar BESS in Wylie, TX (northeast of Dallas). Financing package includes construction loan, tax equity bridge loan, letters of credit, and term loan facilities. MUFG Bank served as lead lender; Generate Capital provided backing. Expected COD 2027. Expands esVolta ERCOT portfolio to 1.56 GWh across five battery projects. Legal counsel: Orrick (esVolta), Winston & Strawn (MUFG). | |
| Mar 26 | Project & Portfolio M&A | BESS | NextEra Energy Resources Development, LLC | XPLR Infrastructure LP (49% equity) | $315M | Multi-state | Announced | XPLR Infrastructure (formerly NextEra Energy Partners) exercises co-investment options from Feb 10, 2026 Interconnection Sales and Co-Investment Agreement with NEER. XPLR acquires 49% equity interest in each of four JVs that will develop, construct, and operate separate battery storage projects. Total XPLR commitment ~$315M, partially funded by $174M limited-recourse senior secured variable rate term loan drawn March 27, 2026. | |
| Mar 25 | Corporate Debt & Capital Markets | Solar | Budderfly | Global Infrastructure Partners (BlackRock); Vantage Infrastructure; Nuveen (Energy Infrastructure Credit) | $550M | CT | Announced | Budderfly raises $550M total ($250M new tranche) debt facility led by Global Infrastructure Partners (BlackRock) with Vantage Infrastructure, and Nuveen Energy Infrastructure Credit. $100M accordion facility also available. Budderfly provides Energy-as-a-Service to US commercial mid-market (restaurants, retail, small manufacturers), deploying solar PV, HVAC upgrades, LED lighting, and VPP grid services at zero upfront cost to customers. Platform deployed at 5,000+ US commercial locations; has helped customers avoid 330,000+ MT CO2. | |
| Mar 25 | Power Purchase & Offtake | BESS | American Battery Factory (ABF) | — | — | AZ | Announced | American Battery Factory secures 4.5 GWh offtake agreements (82% of 5.5 GWh initial capacity) for its LFP prismatic cell gigafactory in Pima County, AZ. Undisclosed buyers are A-rated ESS companies. Agreements enable ABF to finalize plant financing within 3-4 months. Production targeted late 2027; full 5.5 GWh capacity expected 2028; long-term scaling to 15 GWh. | |
| Mar 25 | Project Finance | Solar | Zelestra (formerly X-Elio; EQT-backed) | Société Générale, HSBC | $600M | TX | Closed | $600M green project financing credit facility for Zelestra's two largest US solar projects to date. Both projects broke ground January 2026 with McCarthy Building Companies as EPC; COD targeted end of 2027. Projects backed by long-term Meta PPAs (part of a broader 7-project, 1.2 GWdc Zelestra-Meta partnership). Facility structured as green credit per ICMA Green Bond/Loan Principles. The underlying PPAs were announced March 5, 2026 (see ppa-2026-002). | |
| Mar 24 | Project Finance | Solar | Doral Renewables LLC | MUFG (Lead Arranger); Santander; HSBC; Ally; IDB | $900M | TX | Closed | Doral Renewables closes nearly $900M in financing for Cold Creek Solar + Storage (430 MWac solar + 340 MWh BESS) in Schleicher and Tom Green Counties, TX. Financing includes $400M+ construction-to-term loan, $35M tax equity bridge, $55M LCs, and $360M PTC transfer to an undisclosed investment-grade corporate buyer (10-year agreement). Marathon Capital served as PTC financial advisor; White & Case and Stonehenge Capital advised PTC buyer. Lender counsel: Norton Rose Fulbright; developer counsel: McDermott Will + Emery. NTP issued March 2026; COD expected Summer 2028. Doral backed by Doral Group, Migdal Group, Clean Air Generation, APG, and Apollo Funds. | |
| Mar 24 | Power Purchase & Offtake | Solar | Sunraycer Renewables (Crayhill Capital Management) | Google Energy LLC | 400 MW | TX | Signed | Sunraycer Renewables signs two long-term PPAs with Google Energy for the Lupinus and Lupinus 2 solar projects (~400 MWac / 520 MWdc) in Franklin County, TX. Construction began March 2026 with COD targeted for late Q4 2027. EPC: McCarthy Building Companies. PPA facilitated through LevelTen Energy's Accelerated Process (LEAP) marketplace, from RFP launch to contract execution in under 10 weeks. Sunraycer is backed by Crayhill Capital Management (Annapolis, MD-based IPP with ~3 GW pipeline). | |
| Mar 24 | Project Finance | BESS | Arevon Energy | — | $600M | CA | Under Construction | Arevon Energy breaks ground on the $600M Cormorant Energy Storage Project (250 MW / 1,000 MWh LFP) in Daly City, CA. Long-term offtake contracted with MCE (serving 1.8M+ Bay Area residents across Contra Costa, Marin, Napa, and Solano counties). EPC: Primoris Services. COD targeted 2027. Project expanded from original 188 MW / 752 MWh design; full expanded capacity also contracted with MCE. Arevon CEO Justin Johnson leads the company following Kevin Smith's departure to Cypress Creek Renewables. | |
| Mar 24 | Power Purchase & Offtake | Solar | EDP Renewables North America | Microsoft | 150 MW | IL | Operational | EDP Renewables North America celebrates completion of Pleasantville Solar (150 MW, Fulton County, IL) with full output under a long-term PPA with Microsoft. Project powers equivalent of 39,500+ homes annually and generates $31.6M+ in local tax revenue over project life. EDPR NA CEO Sandhya Ganapathy announced completion. EDPR NA has 1.6 GW of operating capacity in Illinois. | |
| Mar 24 | Power Purchase & Offtake | Solar | Multiple Third-Party Solar Developers (16 contracts) | Georgia Power | 70 MW | GA | Announced | Georgia Power awards 16 contracts totaling 70 MW under its 2024 Distributed Generation Solar RFP — the largest DG solar procurement in company history. Projects range from 250 kW to 6 MW each, located statewide across Georgia. PSC-approved. Brings total 2024 DG RFP awards to 110+ MW. | |
| Mar 24 | Project & Portfolio M&A | Offshore Wind | Dominion Energy | — | $1.50B | VA | Operating | Coastal Virginia Offshore Wind (CVOW) delivers first commercial power to the grid on March 24, 2026 — the first of 176 Siemens Gamesa SG 14-222 DD turbines (14.7 MW each). Project is approximately 70% complete; full commercial operations expected end of 2026 / early 2027. Largest offshore wind project in the US. Project had been under a federal stop-work order (December 2025); a US District Court preliminary injunction allowed construction to resume. | |
| Mar 24 | Project & Portfolio M&A | Solar | Open Road Renewables | Leeward Renewable Energy (LRE) | 350 MW | OH | Announced | LRE (Leeward Renewable Energy) acquires Harvey Solar from Open Road Renewables (ORR), a late-stage 350 MW solar development spanning ~2,600 acres in Bennington and Hartford Townships, Licking County. Ohio Power Siting Board (OPSB) approval already received. Construction target Q3 2026; COD late 2028. LRE has 4+ GW renewable portfolio across the US. | |
| Mar 24 | Corporate M&A | Other | Uplight | Octopus Energy Group | — | CO | Announced | Octopus Energy Group acquires majority stake in Uplight, the leading North American demand flexibility platform serving 85+ utilities including 8 of 10 largest US utilities. Uplight manages 8.5 GW of flexible load and delivered $65.9M in customer savings in 2025. Schneider Electric remains as significant minority partner. Transaction subject to regulatory approval. Evercore served as Uplight's exclusive financial advisor. | |
| Mar 24 | Project & Portfolio M&A | BESS | Belltown Power | Energy Vault | 175 MW | TX | Announced | Energy Vault acquires 175 MW / 350 MWh standalone BESS project from Belltown Power in ERCOT North market near Dallas. Full SGIA executed; site control secured. NTP expected Q4 2026; COD targeted December 2027. Project expected to generate $15–20M/year in revenues ($350–375M+ lifetime). Deployment will use Energy Vault's B-VAULT Platform 3. Acquisition brings Energy Vault's total owned project portfolio to 715 MW. | |
| Mar 24 | Project Finance | Solar | Linea Energy (sponsored by EnCap Investments L.P.) | Santander Corporate & Investment Banking (lead arranger), Société Générale, NORD/LB, Truist Bank (joint lead arrangers) | 172 MW | MI | Closed | Linea Energy closes project debt financing (construction-to-term loan, tax equity bridge, LC facility) for 172 MWdc Watertown Solar in Sanilac County, Michigan. Lead arranger: Santander CIB; joint arrangers: Société Générale, NORD/LB, Truist Bank. 25-year PPA with Consumers Energy. COD expected April 2027. Expected to generate ~213,000 MWh annually, powering ~25,126 Michigan homes. $16.4M in local property tax revenue over 20 years. Linea Energy is EnCap Investments-backed. Legal: Orrick (Linea), Milbank (lenders). | |
| Mar 24 | Power Purchase & Offtake | BESS | Form Energy | — | 120 MW | WV | Announced | Form Energy signs 12 GWh supply agreement with Crusoe Energy Systems for iron-air batteries (100-hour duration) to serve Crusoe's AI data center infrastructure. Announced at CERAWeek 2026 in Houston. Delivery starting 2027 from Form Factory 1 in Weirton, West Virginia. Crusoe's 'Bring Your Own Capacity' program pairs its AI compute infrastructure with long-duration storage for firm, dispatchable power. Form Energy now has over 75 GWh of commercial projects under agreement. Comes one month after Form's 30 GWh / 300 MW Google/Xcel Minnesota deal (ppa-003). | |
| Mar 24 | Project & Portfolio M&A | BESS | Grid Connected Infrastructure, LLC (GCI) | Banpu Power US Corporation (subsidiary of Banpu Power Public Company, Thailand) | 100 MW | TX | Closed | Grid Connected Infrastructure (GCI) sells its Megamouth BESS project in Houston to Banpu Power US, a subsidiary of Thai energy company Banpu Power. GCI retains underlying land via long-term lease. Brokered via Ascend Energy Exchange. COD anticipated Q4 2027. Banpu Power US expands its ERCOT battery storage portfolio through the acquisition. | |
| Mar 23 | Regulatory & Permits | Offshore Wind | TotalEnergies | — | $928M | NC, NY | Closed | Trump administration DOI and TotalEnergies sign settlement terminating TotalEnergies' two US offshore wind leases. DOI reimburses $928M: $795M for Attentive Energy (NY Bight, OCS-A 0538, bid May 2022) and $133M for Carolina Long Bay (OCS-A 0545, bid June 2022). Combined potential capacity: 4+ GW. TotalEnergies pledges no new US offshore wind development. Reimbursed funds to be reinvested into Rio Grande LNG (Trains 1-4, TX) and Gulf of America/shale gas. CEO Patrick Pouyanné: 'offshore wind is not in the country's interest.' | |
| Mar 23 | Power Purchase & Offtake | Solar | EDP Renovaveis (EDPR) | Undisclosed Global Technology Company | 250 MW | AR | Announced | EDPR secures long-term offtake agreement for 250 MWac (348 MWdc) solar project in Arkansas with an undisclosed global technology company for data center power supply. Disclosed via EU MAR Article 17 regulatory filing. | |
| Mar 23 | Strategic & Growth Capital | Natural Gas | AtmosZero | Mitsubishi Heavy Industries (MHI), VXI Capital (lead), Engine Ventures, Constellation Technology Ventures, Energy Impact Partners, 2150 | — | CO | Closed | AtmosZero (Fort Collins, Colorado) secures strategic OEM investment from Mitsubishi Heavy Industries (MHI), announced at CERAWeek 2026. MHI's investment establishes a manufacturing/supply chain partnership for AtmosZero's Boiler 2.0 — an electrified heat pump steam system replacing natural gas-fired industrial boilers for food & beverage, pharma, and specialty chemical manufacturers. Prior total raise: 8.5M. CEO Addison Stark. Round co-investors include VXI Capital (lead), Engine Ventures, Constellation Technology Ventures, Energy Impact Partners, and 2150. First pilot: New Belgium Brewing (Fort Collins, CO), delivering live steam since 2025. | |
| Mar 23 | Regulatory & Permits | Offshore Wind | TotalEnergies SE | — | $928M | NC, NJ, NY | Closed | TotalEnergies relinquishes two federal offshore wind leases to the US Department of the Interior in exchange for $928.3M reimbursement (matching original executed lease payments: $795M for NY Bight, $133.3M for Carolina Long Bay). Under the settlement, TotalEnergies must first invest $928M in US fossil fuel projects (Rio Grande LNG Trains 1–4, Gulf of Mexico upstream, shale gas, Alaska LNG) and pledges no future US offshore wind development. The NY Bight project (Attentive Energy, a TotalEnergies/EnBW JV) would have powered 1M+ homes in NY/NJ; Carolina Long Bay was ~1.3 GW off the NC coast. The deal effectively ends TotalEnergies' US offshore wind ambitions. |
Change of Control
16 movesRobert J. Gaudette promoted to Chief Executive Officer at NRG Energy (from President; EVP and President of NRG Business and Wholesale Operations, NRG Energy)
Gaudette succeeds Lawrence Coben (retiring) after 25+ years managing NRG's generation portfolio and commercial operations. NRG is a 7+ GW power company actively expanding into AI/data center power demand contracts; this is a continuity succession at a critical growth moment.
Michael Arndt joined as Chief Executive Officer at Swift Current Energy (from President & General Manager, North America, Recurrent Energy)
Arndt succeeds co-founder Eric Lammers at IFM Investors-backed Swift Current Energy (5+ GW pipeline including the 2,450 MWdc Steel River project recently sold to Cypress Creek); he brings over $3B in project investment experience from Recurrent Energy, NRG Energy, and Invenergy.
Vijay Singh joined as Chief Executive Officer at Greenskies Clean Focus (from Chief Commercial Officer, GlidePath Power Solutions)
Singh brings 25+ years of renewable energy leadership to Greenskies, having previously built NextEra Energy’s energy storage platform into a multi-billion-dollar operation, led PPL Corp.’s unregulated renewables and Safari Energy C&I platform, and served as CCO at GlidePath Power Solutions (Quinbrook portfolio).
Eric Lammers departed Swift Current Energy as Co-Founder and Chief Executive Officer
Lammers co-founded Swift Current in 2016 and grew the firm to 5+ GW commercialized and more than .5B in project financing; he departs as Michael Arndt (ex-Recurrent Energy) takes the CEO role.
Josephus Allmond joined as Chief Energy Officer (Cabinet-Level) at Commonwealth of Virginia (from Staff Attorney, Southern Environmental Law Center)
Gov. Spanberger created Virginia's first Chief Energy Officer role to tackle a 36% electricity rate increase over five years and accelerate clean energy goals. Allmond comes from SELC where he litigated utility rate cases, IRP proceedings, and RPS compliance before the Virginia SCC.
Simon Edwards joined as Chief Financial Officer at Bloom Energy (from Chief Executive Officer, Groq, Inc.)
Edwards joins Bloom Energy as CFO, effective April 13, filling a vacancy that weighed on BE shares for nearly a year. He comes from Groq (AI inference chip unicorn) where he most recently served as interim CEO. Earlier CFO roles at Conga, ServiceMax, and GE Digital. His appointment coincides with Bloom's push into AI data center power markets.
Beth Cooper departed Chesapeake Utilities as Executive Vice President and Chief Financial Officer
Cooper retires as EVP/CFO of Chesapeake Utilities, effective June 30, 2026. She is succeeded by Jeff Sylvester (promoted internally). Chesapeake Utilities is a natural gas distribution and propane utility.
Jeff Sylvester promoted to Executive Vice President and Chief Financial Officer at Chesapeake Utilities (from Senior Vice President and Chief Accounting Officer, Chesapeake Utilities)
Sylvester promoted to EVP/CFO of Chesapeake Utilities, succeeding retiring Beth Cooper, effective July 1, 2026. Previously served as SVP and Chief Accounting Officer.
Gideon Argov appointed Independent Board Director at Array Technologies (from Chief Executive Officer, Entegris / Dionex)
Argov, former CEO of semiconductor materials company Entegris and Dionex, joins Array Technologies' board to strengthen global operations expertise as the leading solar tracker company expands its international footprint.
Srinath Narayanan appointed Independent Board Director at Array Technologies (from Managing Director, Blackstone)
Narayanan, Managing Director at Blackstone, joins Array Technologies' board to enhance capital markets expertise during a period of significant domestic and international growth for the NASDAQ-listed solar tracker manufacturer.
Steven Nielsen appointed Independent Board Director at Centuri Holdings (from President and Chief Executive Officer, Dycom Industries)
Nielsen spent 25 years as President and CEO of Dycom Industries (specialty infrastructure contractor) before joining Centuri Holdings' board; brings deep utility infrastructure and specialty contracting expertise to support the energy transition EPC company.
Alan Armstrong departed Constellation Energy as Board Director
Armstrong, former CEO of Williams Companies (14+ years) and Constellation Energy board member since January 2026, resigned to accept appointment as U.S. Senator for Oklahoma by Gov. Kevin Stitt, filling vacancy left by Markwayne Mullin. Has signaled permitting reform as primary legislative priority.
Nathaniel Fick appointed Board of Directors at Eos Energy Enterprises
Fick, the former U.S. Ambassador at Large for Cyberspace and Digital Policy, joins the Eos Energy board. Eos Energy makes zinc-based long-duration battery storage systems. The appointment adds government/policy expertise to the board.
Dorian West joined as Vice President of Engineering at Spiritus (from Engineering Leader, Tesla)
West, who helped develop Tesla's original Roadster and Model S at the vehicle program level, joins direct air capture startup Spiritus to accelerate deployment of its Carbon Orchard technology at commercial scale.
Kip Hensley joined as Vice President of Project Development at Spiritus (from Project Lead, Brightmark)
Hensley joins Spiritus from Brightmark (waste-to-energy developer) to lead project development as the direct air capture company scales its Carbon Orchard commercial operations.
Dwayne McClinton joined as Senior Vice President, Energy & Infrastructure Development at Red Post Energy Futures (from Director (Cabinet-Level), Nevada Governor's Office of Energy)
McClinton is a U.S. Marine Corps veteran and former Nevada state energy director with 20+ years across utilities, renewables, and government affairs. Red Post Energy Futures is Red Post Energy Group's DC-based strategic growth and government affairs division, focused on power generation, grid reliability, data center energy demand, and public-private infrastructure development.
Prefer the email view? Open the original email →
Get the next issue in your inbox
Free, every Monday. Unsubscribe anytime.