The Week in Deals
20 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13 | Project Finance | BESS | Elevate Renewables | Rabobank | $50M | VA | Closed | Rabobank sole-arranged a $50M Energy Transition Supplier Finance Facility for Elevate Renewables (ArcLight Capital portfolio company) to support equipment procurement and working capital for its BESS pipeline. Primary project: 150 MW / 600 MWh Prospect Power Storage in Rockingham County VA (Data Center Alley). Secondary: Garden State Reliability / Two Rivers Storage, Bergen County NJ. Enables Elevate to optimize LFP procurement terms across its development pipeline. | |
| Apr 13 | Strategic & Growth Capital | BESS | Critical Loop | Conifer Infrastructure Partners | $26M | CA | Closed | Critical Loop raises $26M Series A led by Conifer Infrastructure Partners and Hanover, bringing total committed capital to $49M. Los Angeles-based company deploys modular 1 MW CLB-5100 BESS + software systems enabling grid interconnection for industrial and infrastructure clients. Partners include San Diego International Airport (11 MW) and Terawatt Infrastructure (4+ MW EV charging). Also: Better Ventures, Climate Capital, Adapt Nation Capital, Cyrus Ventures. | |
| Apr 10 | Project Finance | BESS | XPLR Infrastructure LP (formerly NextEra Energy Partners) | Undisclosed lenders (limited-recourse senior secured) | $232M | Multi-state | Closed | XPLR Infrastructure (NYSE: XIFR) indirect subsidiaries enter into a $232M limited-recourse senior secured variable rate term loan facility (~$27M still available to draw) to fund the four battery storage JVs announced March 26, 2026 (49% co-investment with NextEra Energy Resources, ~$315M total commitment). This is the second tranche of project-level debt, following a $174M draw on March 27. Combined ~$406M in project-level limited-recourse debt backs ~200 net MW of long-term contracted battery storage capacity. | |
| Apr 9 | Corporate M&A | Solar | Nor-Cal Controls | Mortenson | — | Multi-state | Closed | Mortenson, a top US solar EPC contractor, acquires Nor-Cal Controls, a solar commissioning and controls services provider. The acquisition expands Mortenson's in-house electrical commissioning and controls capabilities for utility-scale solar and storage projects. Deal value undisclosed. | |
| Apr 9 | Power Purchase & Offtake | Carbon Captu… | Graphyte | JPMorganChase | — | AR | Signed | JPMorganChase enters a 10-year, 60,000-ton carbon removal offtake with Graphyte, a startup that compresses agricultural and forestry residue into dense, stable carbon-rich material for underground storage. Two projects: Project Loblolly in Arkansas (existing, operational) and Project Ponderosa in Flagstaff, Arizona (commences 2027), the latter using forest-thinning material that also reduces wildfire risk. Axios exclusive by Amy Harder. | |
| Apr 9 | Project & Portfolio M&A | Carbon Captu… | Vault 44.01 | Grey Rock Investment Partners | — | IN | Announced | Vault 44.01 and Cardinal Ethanol receive the first EPA Class VI underground injection permit for a CCS project in Indiana. The One Carbon Partnership JV will permanently store up to 450,000 metric tons of CO2 per year (13.5M tons over 30 years) from Cardinal Ethanol's ethanol plant in Randolph County. Backed by Grey Rock Investment Partners. Enables Cardinal to access the low-carbon ethanol market. | |
| Apr 8 | Tax Equity & Tax Credits | Solar+BESS | Origis Energy | RBC Community Investments (tax equity) | $118M | CA | Closed | Origis Energy closes $118 million tax equity commitment from RBC Community Investments for the Chalan Solar + Storage project in Kern County, California. Project consists of 65 MWac solar PV and 25 MW / 100 MWh BESS. Offtaker: Pioneer Community Energy, a not-for-profit community choice aggregator (CCA) serving Placer and El Dorado counties, under a 20-year PPA. Expected commercial operation: Q4 2026. Debt financing handled separately from this tax equity close. Origis Energy has 2.3+ GW of operating capacity. | |
| Apr 8 | Power Purchase & Offtake | BESS | GridStor (Goldman Sachs Asset Management) | Axpo U.S. | 220 MW | TX | Signed | GridStor and Axpo U.S. executed an energy storage revenue swap agreement covering 100 MW of the 220 MW / 440 MWh Hidden Lakes Reliability Project in Galveston County, Texas (ERCOT). Project reached commercial operations in Q4 2025. Under the bilateral swap structure, Axpo takes merchant price exposure and GridStor locks in guaranteed revenue. Axpo will use the fixed-price swap to offer price predictability to Houston-area retail customers. GridStor is backed by Goldman Sachs Asset Management via Horizon Energy Storage. | |
| Apr 8 | Strategic & Growth Capital | BESS | American Battery Factory (ABF) | Lion Energy (being acquired by Aqua Metals / NASDAQ: AQMS) | — | AZ | Signed | Lion Energy (being acquired by Aqua Metals) takes an undisclosed equity stake in American Battery Factory and signs a LFP prismatic cell supply agreement covering 4.5 GWh of ABF's Tucson, AZ gigafactory output. Lion plans new US battery pack assembly lines launching June 2026 using ABF's domestically manufactured cells, targeting IRA domestic content compliance. Partnership creates a vertically integrated US battery ecosystem covering manufacturing, deployment, energy management (LionESS), and end-of-life recycling (Aqua Metals). Distinct from existing fin-2026-096 (March 25 offtake agreements with undisclosed buyers). | |
| Apr 8 | Regulatory & Permits | BESS | Xcel Energy | — | $430M | MN | Approved | Minnesota Public Utilities Commission approved Xcel Energy's CapacityConnect Phase 2 program for 50–200 MW of utility-owned BESS at an approximate $430M budget. Commission deferred virtual power plant (VPP) decisions. Xcel must submit an evaluation plan within 180 days. Industry groups criticized the utility-owned BESS model versus third-party procurement. | |
| Apr 7 | Project Finance | Solar | Heelstone Renewable Energy (a Qualitas Energy company) | — | 206 MW | GA, MI | Closed | Heelstone Renewable Energy (a Qualitas Energy company) achieves financial close and commences construction on two US solar PV projects: Alligator Creek Solar (104 MW, Wheeler County, Georgia) and Murch Solar (102 MW, Van Buren County, Michigan), totaling 206 MW. Both projects are backed by long-term PPAs with an unnamed US hyperscale data center developer. Alligator Creek financial close was December 2025; Murch financial close March 2026. Construction commencing April 2026 for both. Heelstone has a $200M corporate credit facility (Deutsche Bank, January 2026) supporting its transition to a fully integrated IPP. | |
| Apr 7 | Corporate Debt & Capital Markets | Other | XPLR Infrastructure, LP (NYSE: XIFR) | Barclays Capital Inc., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc. (distribution agents) | $300M | FL | Active | XPLR Infrastructure, LP (formerly NextEra Energy Partners, NYSE: XIFR) enters into a Distribution Agency Agreement with Barclays Capital, KeyBanc Capital Markets, and Scotia Capital to sell common units via at-the-market program with aggregate sales price up to $300 million. Units issued under existing Form S-3 shelf registration (No. 333-294702). Disclosed via 8-K filed April 7, 2026. | |
| Apr 7 | Power Purchase & Offtake | Geothermal | Fervo Energy | — | 1,750 MW | UT | Signed | Fervo Energy and Turboden America LLC (Mitsubishi Heavy Industries subsidiary) signed a three-year turbine supply framework agreement for up to 1,750 MW (35 GeoBlocks x 50 MW each) of standardized Organic Rankine Cycle (ORC) turbines for enhanced geothermal systems (EGS). Framework locks supply chain and delivery timelines for Fervo's growing pipeline, building on an initial agreement for Cape Station Phase I (3 x 50 MW GeoBlocks) in Beaver County, Utah, currently in advanced commissioning. Largest EGS turbine supply commitment in history. | |
| Apr 7 | Strategic & Growth Capital | Other | — | ArcLight Capital Partners | $3.90B | Multi-state | Closed | ArcLight Capital Partners closes Infrastructure Fund VIII at $3.9 billion, exceeding its $3.0 billion target by 30%. The fund focuses on electric power, renewables, battery storage, electric transmission, natural gas infrastructure, and digital infrastructure. ArcLight was founded in 2001 and has managed over $33 billion across 12 funds since inception. | |
| Apr 7 | Strategic & Growth Capital | Solar+BESS | — | ArcLight Capital Partners | $3.90B | Multi-state | Closed | ArcLight Capital Partners closed its eighth infrastructure fund at $3.9B, exceeding the $3.0B target by 30%. Fund VIII focuses on power generation and transmission across renewables (solar, wind, battery storage, hydro) and conventional infrastructure. ArcLight is the parent firm behind Elevate Renewables (Prospect Power Storage 150MW/600MWh, VA) and other clean energy operating assets. Boston-based GP with ~$23B AUM. | |
| Apr 7 | Project Finance | Solar+BESS | Conduit Power | Eldridge Capital Management | $200M | TX | Closed | Conduit Power and Eldridge Capital Management announced a $200M master equipment lease / equipment financing facility for Conduit's 200 MW distributed hybrid generation portfolio in ERCOT Load Zone West (Texas). Projects are modular 50 MW blocks combining dispatchable natural gas with battery storage, targeting ERCOT ancillary services and capacity markets. Conduit Power is a dispatchable generation developer; Eldridge Capital is the investment firm of Todd Boehly (LA Dodgers owner). | |
| Apr 7 | Regulatory & Permits | Solar+BESS | Third-party renewable developers | — | 3,000 MW | GA | Approved | The Georgia Public Service Commission approved Georgia Power's Customer Identified Resource (CIR) program on April 7, 2026, allowing large commercial and industrial customers to contract directly with renewable developers and deliver clean energy to the grid — with RECs and energy value credits. Program cap: up to 3,000 MW through 2035. Represents the majority of Georgia Power's 4 GW renewable procurement target through 2035. Informally called the BYONCE (bring your own clean energy) framework. | |
| Apr 6 | Regulatory & Permits | Wind | Liberty Renewables | — | 99 MW | NY | Approved | New York Office of Renewable Energy Siting (ORES) issues final siting permit for Liberty Renewables' 99 MW Agricola Wind project in Cayuga County under NY Public Service Law Article 8. Expected operational in 2028; $63M in local economic investment including ~$400K annually to host towns. Permitted simultaneously with Cordelio Power's 300 MW Flat Creek Solar project. | |
| Apr 6 | Regulatory & Permits | Solar | Cordelio Power | — | 300 MW | NY | Approved | New York ORES issues final siting permit for Cordelio Power's 300 MW Flat Creek Solar project in Montgomery County under NY Public Service Law Article 8. Expected operational in 2029; ~$10M in direct town payments and $16.6M to school district over 20-year project life. Permitted simultaneously with Liberty Renewables' 99 MW Agricola Wind project; combined 399 MW will power ~55,000 homes and offset ~350,000 tons CO2/year. | |
| Apr 6 | Corporate M&A | Nuclear | TriArtisan Capital Advisors | Energy Capital Partners (ECP) | $2.00B | UT | Signed | Energy Capital Partners (ECP) signed a definitive agreement April 6, 2026 to acquire EnergySolutions from TriArtisan Capital Advisors for approximately $2B (Bloomberg reporting; terms not officially disclosed by companies). EnergySolutions is headquartered in Salt Lake City, UT and provides nuclear services across the full fuel lifecycle. Acquisition reflects growing PE conviction in nuclear infrastructure amid AI-driven power demand surge. |
Change of Control
13 movesDonald A. Moul departed Tennessee Valley Authority (TVA) as President and Chief Executive Officer
Moul notifies TVA's board of his intent to retire effective July 1, 2026. TVA, the nation's largest public power company serving 153 utilities across 7 states, is in the midst of a major portfolio transition including nuclear life extensions, SMR development, and renewable energy integration. No successor named in the SEC filing.
Jim Murphy promoted to Chief Executive Officer at Invenergy (from Co-Founder and President, Invenergy)
Murphy, Invenergy co-founder, steps up from President to CEO as North America's largest privately held IPP (220+ projects, 38 GW developed since 2001) formalizes succession. The leadership restructuring positions Invenergy to expand aggressively into natural gas peakers and AI data center power demand.
Michael Polsky joined as Executive Chairman at Invenergy (from Founder and Chief Executive Officer, Invenergy)
Polsky, who built Invenergy from a single wind farm to $75B+ in capital deployed, steps back from day-to-day operations to Executive Chairman — 35 years as business partners with Murphy signals an orderly succession, retaining Polsky's strategic influence over the board.
Jim Shield promoted to President, Invenergy Power at Invenergy (from Chief Commercial Officer, Invenergy)
Shield's elevation to President of Invenergy Power — the firm's natural gas and data center development unit — signals Invenergy's strategic pivot to capture AI-driven power demand. Shield previously led Calpine's 12 GW eastern gas fleet before joining Invenergy.
Pat Schweiger departed Oklo Inc. as Chief Technology Officer
Schweiger transitions from CTO to Senior Technical Advisor at Oklo concurrent with the addition of four new board directors; the CTO step-down suggests a transition from R&D-phase to commercial-execution leadership as the company advances toward its first Natrium reactor construction.
Scott T. DeGhetto departed Hawaiian Electric Industries as Executive Vice President and Chief Financial Officer
DeGhetto departs Hawaiian Electric as the utility manages post-Maui wildfire balance sheet restructuring; HEI disclosed a $200K/month consulting arrangement through April 2027 focused on debt/equity financing and corporate dispositions, suggesting continued reliance on his capital markets expertise during ongoing transactions.
E. Spencer Abraham departed NRG Energy as Board of Directors Member
Abraham, a former US Secretary of Energy (George W. Bush administration), resigns from NRG Energy's board effective April 3 — having already indicated he would not stand for re-election at the April 30 annual meeting. His departure marks the end of a significant policy-credentialing tenure on one of the largest US power companies' board.
Todd Fryatt appointed Board of Directors Member at SEIA (from CEO and Founder, ECA Solar)
Fryatt founded ECA Solar in 2014; the distributed solar developer manages 200+ projects across the Midwest and Mid-Atlantic with 1.3 GW in pipeline. His SEIA board appointment arrives as several states advance expanded distributed solar legislation.
Dr. Mark Peters appointed Independent Director at Oklo Inc. (from President and CEO, MITRE Corporation)
Peters -- former Director of Idaho National Laboratory, the primary US nuclear energy research lab -- joins Oklo as one of four new board directors appointed simultaneously on April 10; part of a governance build-out as Oklo scales toward commercial advanced nuclear deployment.
David Christian appointed Independent Director at Oklo Inc. (from EVP and Chief Innovation Officer; former Chief Nuclear Officer, Dominion Energy)
Christian, former Chief Nuclear Officer at Dominion Energy and Chairman of the National Nuclear Accrediting Board, brings deep US nuclear fleet operations experience to Oklo; alongside Dr. Mark Peters, his addition gives Oklo two of the most credentialed nuclear executives in the US on its board.
Derek Kan appointed Independent Director at Oklo Inc. (from VP Business Operations, Shopify)
Former US Deputy Secretary of Transportation and early Lyft executive, Kan brings operational and regulatory experience to Oklo; his appointment alongside three other new directors signals Oklo is professionalizing its board ahead of anticipated commercial milestones and capital raises.
David Park appointed Independent Director at Oklo Inc. (from SVP Strategy and Business Development, Georgia-Pacific)
Park brings nuclear sector heritage (early career at Atomic Energy of Canada Ltd.) and energy M&A experience alongside industrial strategy roles at Koch and Georgia-Pacific; completes Oklo board expansion to 11 members as the SMR company pursues commercial licensing.
Michael Thompson appointed Lead Independent Director at Oklo Inc.
Thompson was designated Lead Independent Director as Oklo expanded its board from 7 to 11 directors on April 10, 2026; the appointment rounds out a significant governance build-out as the nuclear fission startup advances its Aurora reactor toward commercial deployments targeting AI data center and remote power markets.
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