The Week in Deals
13 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Apr 17 | Corporate Debt & Capital Markets | Geothermal | Fervo Energy | J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays (joint lead bookrunners); Baird, BBVA, Guggenheim, MUFG, Société Générale, William Blair, Piper Sandler, Wolfe|Nomura (additional bookrunners) | 500 MW | UT | Filed | Fervo Energy publicly announces its S-1 registration statement with the SEC for a proposed Nasdaq IPO under ticker 'FRVO'. First pure-play next-generation geothermal IPO. J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays serve as joint lead bookrunners. Flagship Cape Station EGS project in Beaver County, UT (500 MW under construction) targets first power late 2026. 3.65 GW total pipeline disclosed. Existing investors include Alphabet, Devon Energy, Breakthrough Energy Ventures, Liberty Mutual, Capricorn, and Elemental Impact. FY2025 net loss disclosed at $70.5M; share count and price range to be set in subsequent amendments. | |
| Apr 16 | Project Finance | Geothermal | Zanskar | Just Climate; Spring Lane Capital; Tierra Adentro Growth Capital | $40M | NV | Closed | Zanskar closed a $40M initial draw on a novel non-recourse revolving development capital facility structured to scale to $100M, co-led by Just Climate and Spring Lane Capital with participation from Tierra Adentro Growth Capital. Zanskar uses AI-driven geothermal discovery to identify and develop high-temperature resources. Active development sites include Pumpernickel and Big Blind in Nevada and Lightning Dock in New Mexico. | |
| Apr 16 | Tax Equity & Tax Credits | Solar | Matrix Renewables (TPG Rise) | MUFG (lead), HSBC, ING Capital, BBVA | $380M | TX | Operational | Matrix Renewables (backed by TPG Rise Climate) announced commercial operations, ITC monetization, and concurrent construction-to-term debt conversion for Stillhouse Solar PV (281 MWdc / 210 MWac) in Bell County, Texas. The project is paired with a 15-year PPA with affiliates of Hyundai Motor Group. Lenders include MUFG, HSBC, and ING Capital; Northleaf Capital holds a minority equity stake. EPC contractor: SOLV Energy. Total project investment exceeds $380M. | |
| Apr 16 | Other | Solar | Calpine (a Constellation Energy business) | — | 105 MW | CA | Operating | Calpine's Pastoria Solar Project (105 MW) reached commercial operations April 16, 2026 — the largest renewable energy project contracted by California DWR to date. Co-located with the 750 MW Pastoria natural gas combined-cycle plant. 15-year PPA with PG&E on behalf of DWR. The 80 MW / 320 MWh Pastoria Power Bank BESS is scheduled to come online spring/summer 2026. Project supports DWR's path to carbon neutrality by 2035. | |
| Apr 15 | Power Purchase & Offtake | BESS | Eos Energy Enterprises (NASDAQ: EOSE) + TURBINE-X Energy | — | — | Multi-state | Active | Joint Development Agreement between Eos Energy (Znyth zinc-based LDES, 4-16+ hour duration) and TURBINE-X Energy (behind-the-meter gas turbine generation) to develop private power infrastructure for AI/hyperscale data centers. Pipeline targets up to 2 GWh of Eos Indensity BESS across multiple large-scale projects over 36 months; initial deployments targeted for 2027. Multiple US locations in development. Part of the emerging 'Bring Your Own Power' (BYOP) model for large-load AI customers. | |
| Apr 14 | Other | Solar | Xcel Energy (SPS) | — | 150 MW | TX | Operating | Xcel Energy (SPS) announced April 14, 2026 that its Plant X Solar facility near Earth, Texas entered commercial service April 1, 2026. The 150 MW project spans ~1,200 acres and replaced retired gas-fired Plant X Units 1 and 2. Xcel is seeking Texas regulatory approval to co-locate 150 MW of battery storage. | |
| Apr 14 | Other | Solar+BESS | Xcel Energy (SPS) | — | 72 MW | NM | Operating | Xcel Energy (SPS) announced April 14, 2026 that its Cunningham 1 Solar + Battery Storage facility near Hobbs, NM entered commercial service April 1, 2026. Consists of 72 MW solar paired with 36 MW BESS. First phase of Cunningham Solar development on ~6,500 acres total. Phase 2 (Cunningham 2, 196 MW) planned for April 2027. | |
| Apr 14 | Strategic & Growth Capital | Geothermal | — | EIG | — | Multi-state | Closed | EIG held the initial close of EIG Geothermal Catalyst Partners, a new dedicated fund focused on providing development capital to mid-stage geothermal energy projects in the United States. Fund size not publicly disclosed. EIG is a Washington DC-based institutional investor with ~$24B AUM focused on energy and infrastructure. First EIG geothermal-dedicated vehicle, reflecting growing institutional conviction in next-generation geothermal as baseload clean power. | |
| Apr 14 | Tax Equity & Tax Credits | Solar | Solar Landscape | Nuveen Energy Infrastructure Credit | $117M | MD | Closed | Solar Landscape closed a $117M preferred tax equity investment from Nuveen Energy Infrastructure Credit for a 145 MWdc community solar portfolio spanning Maryland, Illinois, New Jersey, and Minnesota. The tax equity anchors a broader $240M portfolio, including an expected ~$120M in tax credit transfer proceeds. This is Solar Landscape's second deal with Nuveen within 12 months. | |
| Apr 14 | Power Purchase & Offtake | Fuel Cell | Bloom Energy | Oracle Corporation | 2,800 MW | Multi-state | Contracted | Bloom Energy and Oracle expanded their strategic partnership to deploy up to 2.8 GW of solid oxide fuel cell systems at Oracle AI data center facilities across the US. Initial 1.2 GW is contracted and deploying; Bloom previously delivered to Oracle in 55 days vs. 90-day schedule. Oracle issued a stock warrant to Bloom on April 9, 2026 on terms announced October 30, 2025. Fuel cells operate on natural gas or hydrogen, generating 800V DC power compatible with AI workloads without combustion. | |
| Apr 14 | Corporate M&A | Solar+BESS | Pine Gate Renewables (Chapter 11 bankruptcy estate) | BridgePeak Energy Capital | — | Multi-state | Closed | BridgePeak Energy Capital acquired ACT Power Services from the Pine Gate Renewables Chapter 11 bankruptcy estate via Chapter 11 auction (January 5, 2026); transaction closed January 31, 2026. Announced publicly April 14, 2026. ACT provides O&M services for 9+ GWdc solar and 2 GWh battery storage across hundreds of projects in 28 states. Kyle Cooper (formerly VP of O&M at Cypress Creek Renewables) named CEO. Co-founder Rebecca Cooper returns as CLO/General Counsel. BridgePeak manages .4B+ loan portfolio across .6B+ in closed loans since 2020. | |
| Apr 13 | Power Purchase & Offtake | Geothermal | XGS Energy | California Community Power (CC Power) | 115 MW | CA | Contracted | XGS Energy and California Community Power (CC Power) — a joint powers authority of 9 California CCAs serving 2.7 million customers — signed a GEODE (Geothermal Exploration, Offtake, and Development Engagement) Agreement for 115 MW of next-generation geothermal power. XGS Energy uses closed-loop geothermal technology (no fracking or consumptive water use). The agreement pairs offtake commitment with joint development rights. | |
| Apr 13 | Power Purchase & Offtake | Geothermal | Zanskar | California Community Power (CC Power) | — | CA | Contracted | Zanskar and California Community Power (CC Power) — a joint powers authority of 9 California CCAs serving 2.7 million customers (~12% of CAISO load) — signed a GEODE (Geothermal Exploration, Offtake, and Development Engagement) Agreement. Zanskar will use its AI-driven exploration platform to prospect for undiscovered geothermal resources across the CAISO balancing authority area. CC Power members gain the right to support development and procure power from resulting projects. No specific MW target or deal value disclosed. Note: On the same day, XGS Energy and CC Power announced a separate 115 MW GEODE agreement (ppa-2026-015). |
Change of Control
20 movesLee Shuman joined as Chief Financial Officer at NET Power Inc. (from Head of Power Finance, Javelin Capital)
Shuman brings 25+ years of power sector finance experience to NET Power as the carbon-capture power company prepares for commercial-scale project finance; his base salary is $420K with an $800K sign-on RSU grant, signaling board confidence in capital markets execution ahead.
Bernerd Da Santos joined as Chairman, AES Clean Energy Board; Senior Strategic Advisor to the President at AES Corporation (from Executive Vice President and President, US & Renewables, AES Corporation)
Da Santos steps back from day-to-day leadership of AES's US & Renewables business — one of the largest US clean energy portfolios — into a board chair and strategic advisory role, amid AES restructuring its US clean energy leadership.
Sherry Kohan joined as Chief Financial Officer, AES U.S. Utilities at AES Corporation (US Utilities subsidiary) (from Senior Vice President and Chief Accounting Officer, AES Corporation)
Kohan moves from corporate-level Chief Accounting Officer to CFO of AES U.S. Utilities — a narrower scope but a senior finance leadership role at AES's regulated utilities business, effective May 7.
Ross Bhappu promoted to Chief Executive Officer at Energy Fuels Inc. (from President, Energy Fuels Inc.)
Bhappu succeeds Mark Chalmers (retiring after 8+ years) as CEO of the largest US uranium producer, which has expanded into rare earth and titanium minerals; Chalmers remains as consultant for two years.
Kyle Cooper joined as Chief Executive Officer at ACT Power Services (from Vice President of O&M, Cypress Creek Renewables)
Cooper takes the helm of ACT Power Services — an O&M platform managing 9 GWdc solar and 2 GWh battery storage across 28 states — as the company exits Pine Gate Renewables Chapter 11 under new owner BridgePeak Energy Capital. He brings nearly 20 years of O&M experience including VP of O&M at Cypress Creek Renewables.
Anna Bofa named interim Co-Lead, Office of the CEO (Interim) at Fermi America (from Board Observer, Fermi America)
Former Meta Global Head of Product Programs transitions from Fermi board observer to interim co-leadership alongside COO Jacobo Ortiz as the company conducts a permanent CEO search.
Toby Neugebauer departed Fermi America as Chief Executive Officer and Co-Founder
Neugebauer was removed by Fermi's board after the company's valuation fell from 0B to ~.4B; Fermi America develops GW-scale private electric grids for AI computing, integrating solar, storage, natural gas, and nuclear at hyperscale data center campuses.
Jacobo Ortiz named interim Co-Lead, Office of the CEO (Interim) at Fermi America (from Chief Operating Officer, Fermi America)
Ortiz steps up from COO to interim co-lead following Neugebauer's board-mandated removal; tasked with stabilizing operations and refocusing Fermi's strategy around SMRs and solar-plus-storage for AI data center energy demands.
Maryam S. Brown joined as President and Chief Operating Officer at Indiana Michigan Power (from President and CEO, Southern California Gas Company)
Brown brings 25+ years in utility operations and energy law from SoCalGas (Sempra); her arrival at Indiana Michigan Power coincides with AEP's active nuclear and clean energy development push in Indiana.
Arumugam Manthiram joined as Technical Fellow and Advisor at Form Energy (from George T. & Gladys H. Abell Endowed Chair of Engineering, University of Texas at Austin)
Manthiram is a world-renowned battery chemist and longtime collaborator with Nobel laureate John Goodenough at UT Austin, where he has trained 300+ students and authored 1,000+ journal articles on electrochemical energy storage. His Form Energy appointment brings foundational iron-air chemistry expertise as the company commercializes long-duration storage at scale.
Sarah Devine appointed Board of Directors Member at Intersect Power
Devine brings international project finance expertise from top-tier law firms; joins Intersect board as the company focuses on complex hybrid assets including green hydrogen. Note: Alphabet closed its .75B acquisition of Intersect Power on March 11, 2026 — this appointment may relate to IPX Power, the independent spinoff retaining 4.4 GW solar and 8.8 GWh storage portfolio.
J. Birks Bovaird departed Energy Fuels Inc. as Director (long-tenured Chair-level)
Bovaird declines re-election at Energy Fuels' June 24 AGM — the company stating no disagreement with management. Board refresh follows the recent Ross Bhappu CEO appointment, signaling a governance overhaul at the leading US uranium and rare-earth producer.
Alexander G. Morrison departed Energy Fuels Inc. as Director (Audit Committee)
Morrison — Audit Committee director at Energy Fuels — declines re-election at the June 24 AGM alongside long-tenured Chair-level director Bovaird. Pre-stages a full board transition tied to the Ross Bhappu CEO succession at the largest US uranium producer.
Charles M. O'Neil departed HA Sustainable Infrastructure Capital as Board of Directors Member
O'Neil departs the HASI board after 13 years, effective at the June 3 annual meeting. No disagreement with the company; board will reduce from 12 to 10 directors following this and the Osborne departure.
Richard J. Osborne departed HA Sustainable Infrastructure Capital as Board of Directors Member (Audit Committee)
Osborne departs the HASI board after 13 years due to mandatory director retirement age policy, effective at the June 3 annual meeting; previously chaired the Audit Committee.
James Marshall joined as Senior Vice President, Global Supply Chain at Powin
Marshall, a veteran of semiconductor and high-tech manufacturing, joins Powin to optimize international LFP cell procurement and logistics. Note: Powin completed Chapter 11 liquidation in Dec 2025; Marshall joins the surviving services entity that manages monitoring and energy operations for deployed BESS fleets.
Anand Narayanan promoted to Senior Vice President, Asset Management and Operations at Arevon Energy (from Arevon Energy)
Narayanan takes on SVP responsibility for Asset Management, Operations, and Risk & Insurance at Arevon, assuming duties previously held by CEO Justin Johnson; he has been with Arevon since 2018 with 15+ years in utility-scale solar and energy storage operations.
Jeremy Rand promoted to Senior Vice President, Project Execution at Arevon Energy (from Arevon Energy)
Rand takes SVP responsibility for Engineering, Procurement, and Project Management & Construction at Arevon, also inheriting duties from CEO Justin Johnson in a leadership restructuring designed to strengthen execution coordination; he joined Arevon in 2021.
Joan Cetera joined as Vice President, Communications and Public Relations at Gevo, Inc.
Cetera joins Gevo as the renewable fuels and sustainable aviation fuel company undergoes a leadership rebuild under new CEO Paul Bloom; she will manage external messaging during a period of strategic repositioning in renewable chemicals and SAF after years of capital challenges.
Aubrey Jarred promoted to Vice President and Controller (Principal Accounting Officer) at AES Corporation (from Managing Director, Technical Accounting Services, AES Corporation)
Jarred is promoted to VP/Controller and principal accounting officer at AES, filling the gap left by Kohan's lateral move. She joined AES in 2022 from LKQ Corporation and was previously at KPMG. Compensation: $315K base salary.
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