Q1 2026 Deal Awards
Recognizing outstanding achievement in clean energy transactions during January – March 2026.
152
Deals Tracked
$201.94B
Total Value
180.3
GW Capacity
Deal of the Quarter
AES Corporation — diversified global power company with ~35 GW of generation across US and international markets
Deal Value
$33.40B
Seller
AES Corporation (NYSE: AES)
Buyer
Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority
BlackRock GIP leads consortium with EQT Infrastructure VI, CalPERS and Qatar Investment Authority to acquire AES at $15/share cash, a 40.3% premium to 30-day VWAP. AES taken private; AES Indiana and AES Ohio remain locally regulated utilities. Driven by surging AI/data center power demand. Close expected late 2026 or early 2027.
View deal detailsDealmaker of the Quarter
Heather Zichal
Global Head of Sustainability at J.P. Morgan
BankerDeals
17
Deal Value
$118.73B
Capacity
124.8 GW
Law Firm of the Quarter
Latham & Watkins
Q1 2026 Deals
12
Total Value
$37.89B
Notable Deals
- •Gemini Solar + Storage — refinancing of 690 MW solar + 380 MW/1,400 MWh storage in Clark County, Nevada
- •Cogentrix Energy — 10 natural gas generation facilities, 5,500 MW CCGT and CT fleet
- •Calpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW combined company
Runner-up: Orrick (5 deals)
Lender of the Quarter
MUFG
Q1 2026 Deals
13
Total Value
$5.02B
Notable Deals
- •Gemini Solar + Storage — refinancing of 690 MW solar + 380 MW/1,400 MWh storage in Clark County, Nevada
- •Beekman Solar (Morehouse Parish, LA) + Hollis Creek Solar (Sabine Parish, LA) — 385 MW solar projects
- •Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Yellow Viking (170 MW solar, TX), Faraday BESS Phase 1 (150 MW / 733 MWh, UT)
Runner-up: CIBC (11 deals)
Advisory Firm of the Quarter
Goldman Sachs
Q1 2026 Deals
3
Total Value
$64.00B
Notable Deals
- •Cogentrix Energy — 10 natural gas generation facilities, 5,500 MW CCGT and CT fleet
- •Calpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW combined company
- •AES Corporation — diversified global power company with ~35 GW of generation across US and international markets
Runner-up: J.P. Morgan (3 deals)
Methodology
Q1 2026 Deal Awards are determined algorithmically based on DealFlow.energy's proprietary database of clean energy transactions dated January – March 2026. Deal of the Quarter is selected by highest disclosed transaction value. Dealmaker of the Quarter is the top-ranked professional in the DealFlow 50, scored by deal count, transaction value, MW capacity, and seniority. Law Firm, Lender, and Advisory Firm of the Quarter are determined by the number of Q1 2026 deals in which each firm appeared as counsel, lender/arranger, or financial advisor, respectively. Ties are broken by total deal value. Data reflects transactions where service provider information has been disclosed. Learn more about our methodology.
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