The Week in Deals
14 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Apr 2 | Power Purchase & Offtake | BESS | Georgia Power (Southern Company) | — | 260 MW | GA | Under Construction | Georgia Power breaks ground on 260 MW / 1 GWh (4-hour duration) battery energy storage system near Wadley in Jefferson County, Georgia, co-located with an existing solar PV site. EPC contractor: Burns & McDonnell. Approved by Georgia Public Service Commission as part of a 9-project, 3+ GW utility BESS program. Expected commercial operation 2027. No external financing disclosed — utility balance sheet funded. One of the largest single-site BESS groundbreakings in the US Southeast. | |
| Apr 2 | Corporate M&A | BESS | Clean Energy Services LLC (CES) | FlexGen Power Systems | — | TX | Closed | FlexGen Power Systems (Durham, NC) acquires Clean Energy Services LLC (Houston, TX), the industry's leading BESS commissioning and O&M platform — 15+ GWh commissioned over its lifetime, 4.5+ GWh of active battery sites under management, 1+ GW of solar serviced. CES continues operating as a FlexGen subsidiary. The acquisition creates a vertically integrated BESS software + commissioning/O&M model, strengthening FlexGen's position as a full-stack battery storage solutions provider. CES was founded in 2022 by Ahmad Atwan and Constantine Triantafyllides. | |
| Apr 2 | Project & Portfolio M&A | Wind | Undisclosed | Soluna Holdings | $53M | TX | Closed | Soluna Holdings acquires Briscoe Wind Farm in West Texas for $53M total ($12M debt from Generate Capital plus balance sheet cash). The acquisition enables Soluna to vertically integrate its data center operations with power generation — Briscoe will provide behind-the-meter power to Soluna's co-located AI/crypto data computing facilities (Project Dorothy). First direct ownership of a renewable generation asset for Soluna. | |
| Apr 2 | Power Purchase & Offtake | BESS | Xcel Energy / Sparkfund | — | $430M | MN | Approved | Minnesota Public Utilities Commission approves Xcel Energy's Capacity*Connect program: a $430M distributed battery storage program deploying 50–200 MW of utility-owned batteries (1–3 MW each) across the distribution grid by 2028, in partnership with Sparkfund. First-in-the-nation utility-owned distributed capacity procurement of this scale, approved over objections from SEIA, MnSEIA, and CCSA who advocated for competitive third-party access. PUC deferred VPP decisions separately. Source: Utility Dive, April 8, 2026; pv magazine USA, April 8, 2026. | |
| Apr 1 | Strategic & Growth Capital | Solar+BESS | CenterNode Group (Forest Road Company) | Liberty Mutual Investments (anchor institutional investor) | $750M | Multi-state | Closed | Forest Road Company launches CenterNode Group, a new clean energy investment platform targeting US solar and storage transactions in the $5M–$50M range. Liberty Mutual Investments serves as anchor institutional investor with up to $750M in capital commitments. CenterNode CEO: Seth Zeleznik. The platform is designed to fill the mid-market gap in clean energy project finance, targeting assets and developers too small for large institutional funds but too large for community solar lenders. | |
| Mar 31 | Strategic & Growth Capital | Other | Emerald AI | Energy Impact Partners (lead), Amplo, Eaton, GE Vernova, IQT, Lowercarbon Capital, NVentures (NVIDIA), Radical Ventures, Salesforce Ventures, Samsung Ventures, Siemens | $25M | DC | Closed | Emerald AI (CEO Varun Sivaram) raises $25M Strategic Expansion Round led by Energy Impact Partners. Conductor platform orchestrates AI workloads with onsite energy resources to deliver grid-responsive power flexibility without degrading AI performance. Partners with NVIDIA; first commercial deployment: 96 MW NVIDIA Aurora AI Factory Research Center in Manassas, VA. Also partners with AES, Constellation, Invenergy, NextEra, Vistra. Total funding $68M since founding in 16 months. | |
| Mar 31 | Project & Portfolio M&A | Solar | Clearway Energy, Inc. (CWEN) | Fengate Asset Management (for Fengate Infrastructure Yield Fund / LiUNA Pension Fund of Central and Eastern Canada) | 227 MW | Multi-state | Closed | Fengate Asset Management acquires a 50% interest in a 227 MWac portfolio of 12 operating US solar projects from Clearway Energy (CWEN), on behalf of the Fengate Infrastructure Yield Fund and LiUNA Pension Fund of Central and Eastern Canada. Projects are located in the Western United States; specific states and offtakers not disclosed. All projects carry long-term contracted revenue agreements already in place. Clearway retains 50% and continues as managing partner. | |
| Mar 31 | Project Finance | Solar | Dimension Energy | First Citizens Bank, MUFG, ING Capital, National Bank of Canada, Franklin Park (tax equity) | $650M | Multi-state | Closed | Dimension Energy closes $650M financing package for 25-project community solar portfolio — the company's largest-ever transaction. Financing: $415M debt (First Citizens Bank, MUFG, ING Capital, National Bank of Canada) + $235M tax equity (Franklin Park Infrastructure, a first-time partner). Portfolio spans 132 MW across Illinois, New Jersey, New York, and Pennsylvania; serves approximately 35,000+ community solar customers. | |
| Mar 31 | Project & Portfolio M&A | BESS | Eolus North America, Inc. | DESRI (D.E. Shaw Renewable Investments) | $290M | NV | Closed | IOWN Energy facilitated the sale of Roccasecca BESS (127 MW / 506 MWh) from Eolus North America to DESRI. Transaction closed February 13, 2026; announcement published March 31, 2026. Concurrent $290M+ senior secured credit facilities (construction + term) arranged by Zions, Société Générale, Intesa Sanpaolo, and BayernLB as coordinating and joint lead arrangers. 15-year tolling agreement executed (counterparty undisclosed). Project currently under construction; COD expected 2026. | |
| Mar 31 | Strategic & Growth Capital | Other | ThinkLabs AI | Energy Impact Partners (lead), NVentures (NVIDIA), Edison International, GE Vernova, Powerhouse Ventures, Active Impact Investments, Blackhorn Ventures, Amplify Capital | $28M | NY | Closed | ThinkLabs AI closes oversubscribed $28M Series A led by Energy Impact Partners (EIP). Co-investors: NVentures (NVIDIA), Edison International, GE Vernova, Powerhouse Ventures, Active Impact Investments, Blackhorn Ventures, Amplify Capital. ThinkLabs platform creates digital twins of utility grids for AI-native power flow simulation, enabling faster interconnection studies, capacity planning, and grid integration of renewables + storage. Strategic backers Edison International and GE Vernova bring both capital and utility/OEM validation. | |
| Mar 31 | Strategic & Growth Capital | BESS | EnerVenue Holdings, Ltd. | Full Vision Capital (lead, family office of Peter Lee Ka-kit) | $300M | CA | Closed | EnerVenue raises $300M Series B+ preferred stock extension to scale manufacturing of its NASA-derived nickel-hydrogen batteries, which offer a 30,000-cycle lifespan vs. 3,000-6,000 cycles for lithium-ion. Lead investor: Full Vision Capital (Hong Kong family office). Manufacturing operations in Changzhou, China. US HQ in Silicon Valley. New CEO Henning Rath (formerly of Enpal) appointed simultaneously. Technology targets utility-scale and industrial LDES applications. Source: trade publication (Energy-Storage.News / ESG Today); no primary wire press release found. | |
| Mar 31 | Corporate Debt & Capital Markets | Solar+BESS | Aypa Power (Blackstone portfolio company) | CIBC, Wells Fargo (lead structuring agents) | $1.55B | Multi-state | Closed | Aypa Power closes third consecutive annual upsizing of its corporate credit facility, adding $500M to bring total commitments to $1.55 billion. Facility structure: Revolving Credit Facility + Term Loan + Letter of Credit. Six new domestic and international lenders joined existing group. Largest corporate credit facility in the energy storage sector. Supports development and pre-construction activities beyond 2028. Aypa (CEO: Moe Hajabed) operates 42 projects in operation or construction with 22+ GW development pipeline across North America. | |
| Mar 31 | Tax Equity & Tax Credits | Solar | Enphase Energy | Undisclosed financial institution | $219M | Multi-state | Closed | Enphase Energy closes sale of $235M face value of Section 45X advanced manufacturing production tax credits generated from US microinverter and battery component production in calendar year 2025. Proceeds: $218,550,000 (93 cents on the dollar). Buyer: undisclosed leading financial institution. Transaction reduces Enphase's Q1 2026 GAAP gross margin by approximately 6.7 percentage points vs. prior guidance (excluded from non-GAAP measures). Disclosed via 8-K filed with SEC April 6, 2026. | |
| Mar 31 | Tax Equity & Tax Credits | BESS | VC Renewables (Vitol) | Advantage Capital | $158M | MA | Closed | Advantage Capital closes $158 million tax equity investment in the Medway Grid Energy Storage System, a 250 MW standalone battery storage project in Medway, Massachusetts developed by VC Renewables (Vitol). The project participates in ISO-NE capacity markets. Advantage Capital has deployed $2.5B+ in energy transition investments. VC Renewables is the battery storage development platform of Vitol, the global energy trader. |
Change of Control
16 movesPaul Bloom promoted to Chief Executive Officer at Gevo, Inc. (from President, Gevo, Inc.)
Bloom formally succeeds founding CEO Patrick Gruber — who built Gevo into a leading sustainable aviation fuel (SAF) company over 15 years and transitions to Strategic Advisor — as Gevo accelerates commercialization of its Net-Zero 1 SAF flagship project. Bloom brings ADM commercial experience and was appointed President in December 2025 before this elevation.
Kyle James joined as Chief Commercial Officer at Gevo, Inc. (from VP Fuel Ethanol Sales and GM Renewable Performance Chemicals, ADM (Archer-Daniels-Midland))
James brings 25+ years in renewable fuels and chemicals from ADM to Gevo, filling a critical commercial gap as new CEO Paul Bloom builds out his leadership team. His hire signals Gevo's focus on scaling SAF offtake agreements and chemicals sales alongside its Net-Zero 1 flagship project.
Nicole A. Bulgarino promoted to Co-President at Ameresco, Inc. (from President – Federal Solutions and Utility Infrastructure, Ameresco, Inc.)
Bulgarino is one of two internal executives elevated to Co-President as founder George Sakellaris transitions from President to CEO-only — a classic founder succession splitting leadership of Ameresco's $1B+ energy efficiency and data center business; she oversees federal and large infrastructure projects with Ameresco since 2004.
Louis P. Maltezos promoted to Co-President at Ameresco, Inc. (from President – Central and Western USA and Canada Region, Ameresco, Inc.)
Maltezos joins Bulgarino as Co-President in Ameresco's dual-succession structure; with Ameresco since 2004, he takes over non-federal commercial and Smart Building Solutions businesses including Canadian operations.
Peter Christakis promoted to Chief Operating Officer at Ameresco, Inc. (from President – East USA, Greece and Project Risk, Ameresco, Inc.)
Christakis rounds out Ameresco's founder succession trifecta as COO, overseeing procurement, US solar and battery operations, and European operations; the three-way restructure concentrates day-to-day operations in a new management layer as Sakellaris retains the CEO role with Ameresco since 2000.
Becky Limmer joined as General Counsel at BlueWave (from Chief Counsel, US Department of Energy, Loan Programs Office)
Limmer oversaw legal strategy for DOE LPO's $100B+ clean energy loan portfolio before joining BlueWave; her prior roles include Winston & Strawn, Norton Rose Fulbright, and in-house counsel at First Solar — a heavyweight GC hire for a Northeast community solar and storage developer scaling toward several GW.
Christina Hayes departed Americans for a Clean Energy Grid (ACEG) as Executive Director
Hayes steps down as Executive Director of ACEG, the leading US transmission advocacy organization; under her tenure ACEG advanced federal policy requiring cost-saving regional transmission planning. Board to commence search for successor.
Hannah Bascom promoted to General Manager at Uplight (from Chief Growth Officer, Uplight)
Bascom takes day-to-day leadership of Uplight — which serves 8 of North America's 10 largest utilities — following Octopus Energy and Schneider Electric's majority stake investment; she previously led growth at Pacific Gas & Electric and Google.
Luis D'Acosta departed Uplight as Chief Executive Officer
D'Acosta exits as Uplight CEO following Octopus Energy and Schneider Electric's majority stake acquisition, moving into a regional president role at Schneider — the tight linkage underscoring Schneider's control post-deal. His successor role (Mexico & Central America) is non-US based.
Julian Kaufmann promoted to Chief Commercial Officer at Consolidated Asset Management Services (CAMS) (from Executive Vice President of Corporate Development, Consolidated Asset Management Services (CAMS))
A nearly 20-year CAMS veteran, Kaufmann steps into the newly created CCO role as CAMS scales commercial strategy across its energy infrastructure O&M and asset management portfolio; he has structured long-term power and gas commodity transactions across a multi-GW book.
Rhone Resch joined as Chief Strategy Officer at TOYO Co., Ltd. (from Senior Advisor, BrightNight)
Resch, who served as President & CEO of SEIA (2004–2016) and is widely credited with shaping the modern US solar industry, joins TOYO as its newly created CSO focused on expanding the Japanese manufacturer's US market presence and domestic manufacturing footprint. TOYO reported $427.4M revenue and 4.5 GW solar cell shipments for FY2025 and trades on Nasdaq.
Mac Cooney promoted to Partner at BridgePeak Energy Capital (from Principal, BridgePeak Energy Capital)
Since joining BridgePeak in 2021, Cooney has been directly involved in $3B+ of clean energy loan closings across 220+ transactions; BridgePeak closed a record $1.7B in distributed generation lending in 2025, making this promotion recognition of a central driver of the firm's franchise.
Christopher Peponis joined as Partner, Energy at Kirkland & Ellis (from Partner, Energy, Latham & Watkins)
Peponis joins Kirkland's Houston office as part of a ~10-lawyer team poached from Latham & Watkins, co-leading the move with Hamad Al-Hoshan. He advised on NextDecade's $6.7B Rio Grande LNG Train 4 financing — one of the largest energy deals of 2025.
Hamad Al-Hoshan joined as Partner, Energy at Kirkland & Ellis (from Partner, Energy, Latham & Watkins)
Al-Hoshan joins Kirkland's New York office as part of a ~10-lawyer team poached from Latham & Watkins, co-leading the lateral with Christopher Peponis (Houston). The team migration represents one of the largest energy practice group moves in BigLaw in 2026.
Peter B. Siegal joined as Partner, Appellate Practice at Bracewell LLP (from Partner, Appellate Practice, Norton Rose Fulbright)
Siegal's FERC and Administrative Procedure Act specialization strengthens Bracewell's market-leading energy regulatory appellate practice; he had served as deputy head of appellate and hiring partner at Norton Rose Fulbright's DC office before the move.
Estelle Monod appointed Executive Chair, Board of Directors at Uplight (from Senior Vice President, Head of Group M&A, Schneider Electric)
Monod's elevation to Executive Chair formalizes Schneider Electric's governance control over Uplight post-investment; she brings 20+ years of M&A experience from Goldman Sachs, Lion Capital, and Schneider and had served on the Uplight board for two years prior.
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