The Week in Deals
9 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23 | Corporate M&A | Solar+BESS | Arena Renewables (founders / management) | Headwater Energy | 1,000 MW | Multi-state | Closed | Headwater Energy acquires Arena Renewables, a leading US distributed-generation solar and BESS developer with a ~1 GW pipeline across select markets. Arena leadership team continues to operate the business, gaining access to Headwater's capital and institutional infrastructure. Combines Arena's development capabilities with Headwater's financing platform to scale DG solar across 2026 and beyond. Arena was founded in July 2023. | |
| Apr 23 | Other | Nuclear | TerraPower | — | 500 MW | WY | Construction | TerraPower formally commences construction on Natrium Kemmerer Unit 1 in Wyoming — the first utility-scale advanced nuclear power plant under construction in the United States. 345 MW base output (sodium-cooled fast reactor) with a molten-salt thermal storage system enabling 500 MW peak output. Bechtel serves as EPC contractor; GE Vernova Hitachi Nuclear Energy is co-developer; Rocky Mountain Power is the offtaker; DOE ARDP supports financing. ~1,600 workers during 42-month construction; 250 full-time staff at COD targeted 2031. Meta has signed a framework for up to eight Natrium plants by 2035. | |
| Apr 22 | Project & Portfolio M&A | Solar | CleanCapital | Energix Renewables | 120 MW | OH | Closed | CleanCapital sells its 120 MW Nottingham utility-scale solar project in Harrison County, Ohio to Energix Renewables. The brownfield project sits on a reclaimed coal strip mine and was originated by BQ Energy (acquired by CleanCapital in 2022). Financial terms undisclosed. Trade reflects CleanCapital's strategic refocus on DG solar + storage, while expanding Energix's US utility-scale platform. | |
| Apr 21 | Power Purchase & Offtake | Solar+BESS | Geronimo Power | FUJIFILM Holdings America Corporation + Bristol Myers Squibb (multi-buyer) | 270 MW | TX | Contracted | 15-year VPPA for 125 MW of the ~272 MW Blevins Solar & Storage Project, generating ~300,000 MWh/yr — covering 100% of Fujifilm North America electricity use and offsetting ~90,000 MT CO2 annually (~10% of Fujifilm Group global emissions). Bristol Myers Squibb is also a contracted offtaker on the project (the Fujifilm release names them as a co-purchasing partner). Project spans 2,300 acres in Falls County, TX; became fully operational March 2026. Developed by Geronimo Power. | |
| Apr 21 | Power Purchase & Offtake | BESS | Plus Power | TVA | 200 MW | AL | Signed | Plus Power's Crawfish Creek Energy Storage signs a 20-year Energy Storage Agreement with the Tennessee Valley Authority for a 200 MW / 800 MWh standalone BESS in Jackson County, Alabama. Selected through TVA's early-2025 RFP for new capacity resources. Construction begins 2028; commercial operation expected summer 2029. Project will create 50–100 construction jobs and four full-time operations roles. Plus Power has 13 GW of utility-scale storage in development across the US. | |
| Apr 21 | Power Purchase & Offtake | BESS | Tenaska (Bobwhite Energy Storage affiliate) | TVA | $300M | TN | Signed | Bobwhite Energy Storage, an affiliate of Omaha-based Tenaska, signs a 20-year energy storage agreement with TVA for a 225 MW / 900 MWh BESS in Hawkins County, East Tennessee. ~$300M total project investment. Construction begins 2027; commercial operation late 2029. With this deal, TVA has now contracted 425 MW of standalone BESS across its seven-state service territory. Tenaska has 33,000+ MW in its energy development portfolio, including 7,000 MW of battery storage. | |
| Apr 21 | Project & Portfolio M&A | Solar+BESS | Cordelio Power | BrightNight | 6,000 MW | Multi-state | Closed | BrightNight acquires Cordelio Power's joint-venture interest, taking sole ownership of 6 GW of Western US development-stage solar + BESS projects. The JV (formed 2020) developed 15 GW total; 1.1 GW reached operations or construction. Four projects remain in JV: Box Canyon, Greenwater, Pioneer, Biglow 1. Transaction lets BrightNight independently advance, finance, construct, and operate the transferred portfolio going forward. Cordelio Power is owned by CPP Investments (Canada Pension Plan). | |
| Apr 21 | Project & Portfolio M&A | Solar+BESS | Hanwha Renewables | Lydian Energy (backed by Excelsior Energy Capital) | 1,450 MW | CA | Closed | Lydian Energy acquires Hanwha Renewables' Atlas North portfolio: ~1.5 GW of late-stage solar + BESS in California (1,000 MW solar + 450 MW / 1,800 MWh BESS). Includes a 500 kV gen-tie line and connections via the Cielo Azul Switchyard and Ten West Link to CAISO. Vast majority of capacity is contracted long-term with California load-serving entities. Lydian is backed by Excelsior Energy Capital; the deal is Lydian's largest investment to date and brings its portfolio to 18 projects totaling 4.4 GW. | |
| Apr 20 | Strategic & Growth Capital | Solar | Tandem PV | — | 40 MW | CA | Operational | Tandem PV opens a 65,000 sq ft commercial demonstration factory in Fremont, CA producing perovskite-silicon tandem solar modules at ~40 MW annual nameplate capacity. First commercial panels target shipment in 2026 for customer validation, with high-volume manufacturing planned for 2028. Ribbon-cutting on April 21 featured former US Energy Secretary Jennifer Granholm, California Energy Commission chair David Hochschild, and Fremont Mayor Raj Salwan. Demonstrates US-based manufacturability of next-gen tandem PV technology. |
Change of Control
10 movesClay Corbus promoted to President and Chief Executive Officer at Clean Energy Fuels Corp (from Senior Vice President, Strategic Development and Head of Renewable Fuels, Clean Energy Fuels Corp)
19-year CLNE veteran succeeds co-founder Andrew Littlefair after 30+ years; Corbus led all M&A and capital-raising and built the company's RNG production and distribution businesses; Clean Energy operates North America's largest natural gas vehicle fueling network.
Andrew Littlefair departed Clean Energy Fuels Corp as President and Chief Executive Officer
Littlefair co-founded CLNE with T. Boone Pickens in 2001 and led the company for 30+ years, building North America's largest natural gas fueling network; transitions to a three-year government relations consulting role ($750K/year) while remaining on the board.
Richard H. Little joined as Chief Executive Officer & Director at enCore Energy Corp. (from Resource industry executive, Ajax Resources / private resource-industry executive)
Little takes the helm at enCore Energy — the only US uranium producer with two operational ISR Central Processing Plants (both South Texas) — to accelerate licensing and cost discipline as US nuclear-fuel sovereignty becomes a bipartisan priority alongside the data-center power buildout. Compensation disclosed: $600K base. Previously engineered the $1.24B sale of Ajax Resources' Northern Midland Basin assets to Diamondback Energy.
Robert Willette departed enCore Energy Corp. as Chief Executive Officer
Willette was replaced by unanimous vote of enCore's independent directors, indicating a board-driven decision rather than planned succession. Worth tracking for his next landing in the US uranium / nuclear-fuel space.
Aaron D. Moss promoted to Executive Vice President & Chief Financial Officer at Edison International (from Senior Vice President & Chief Financial Officer, Southern California Edison)
Moss steps up from SCE CFO to parent EIX CFO at $730K base + 85% target bonus + supplemental $603K LTI grant (25% options / 25% RSUs / 50% performance shares). A career SCE/EIX finance hand who served as Controller of both entities (2016–2022); confirms internal promotion strategy at California's largest IOU.
Maria Rigatti departed Edison International as Executive Vice President & Chief Financial Officer
Long-tenured EIX CFO Rigatti retires after navigating wildfire-liability cycles and rate-base growth strategy at California's largest IOU. Steps down as CFO July 3, 2026 and full retirement Sept 1, 2026. Closes one of the longest-serving utility CFO seats in California.
Kathryn Mims joined as Partner, US Antitrust (Washington, DC) at A&O Shearman (from Partner, Antitrust, White & Case)
Mims joins A&O Shearman's DC office bringing antitrust trial experience with deep energy, life-sciences, chemicals, and tech sector exposure — a notable bench-strengthening as FERC and DOJ scrutiny of power-sector M&A and merger review intensifies.
William M. Sheriff appointed Executive Chair (return) at enCore Energy Corp. (from Founder; former Executive Chair (had transitioned off executive role), enCore Energy Corp.)
Founder Sheriff returns to an executive-chair role alongside new CEO Richard Little, signaling a strategic reset for the leading US ISR uranium producer. Mirrors a pattern at other US critical-minerals juniors where founders re-engage in governance to navigate licensing and capital-markets cycles. Tied to the broader 2026 nuclear-fuel onshoring push.
M. Susan Hardwick appointed Independent Director (Audit & Finance Committee; Compensation & Executive Personnel Committee) at Edison International (from Former Chief Executive Officer, American Water Works)
EIX board expanded from 11 to 12 seats to add Hardwick — a heavyweight utility-finance director with prior CEO/CFO experience at American Water and Vectren. Adds Audit + Compensation Committee depth as EIX prepares for the CFO transition from Rigatti to Moss.
Sana Ouji joined as Energy Lead at Anthropic (from Strategic Energy Investments and Partnerships Lead, Data Center Division, Google)
First dedicated energy role at Anthropic, signaling the AI lab's commitment to securing clean energy capacity for AI infrastructure; Ouji brings 6+ years managing Google's data center clean energy strategy across multiple geographies.
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