Lender / FinancierLegal Counsel
Kirkland & Ellis
Track
48
Deals Tracked
$206.68B
Deal Value
219,902MW
Total Capacity
5
Executive Moves
Solar + Storage
Top Technology
Deal Activity
Apr 7CounselArcLight Capital Partners Infrastructure Fund VIII — $3.9B Final Close (30% above $3.0B target)Strategic & Growth CapitalOther$3.90B
Apr 7CounselArcLight Infrastructure Partners Fund VIII — $3.9B final close (exceeded $3.0B target; focuses on power generation, transmission, solar, wind, battery storage, hydro, gas, electric and gas T&D)Strategic & Growth CapitalSolar + Storage$3.90B
Apr 1CounselCenterNode Group — new US solar and storage investment platform, up to $750M capital commitmentsStrategic & Growth CapitalSolar + Storage$750M
Mar 18CounselConstellation PJM natural gas generation portfolio — 4.4 GW across Delaware and Pennsylvania (Bethlehem, York 1 & 2, Hay Road, Edge Moor)Project & Portfolio M&ANatural Gas$5.00B4,400 MW
Mar 2CounselAES Corporation — diversified global power company with ~35 GW of generation across US and international marketsCorporate M&ASolar + Storage$33.40B35,000 MW
Jan 28CounselSenior Secured Green Revolving Loan and LC Facility supporting 12+ GW BESS development pipeline, ~8,000 MWh under construction/contractCorporate Debt & Capital MarketsBESS$500M
Jan 7CounselCalpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW combined companyCorporate M&AGeothermal$26.60B27,000 MW
Oct 3Counsel49% equity stake in 1,632 MW diversified US portfolio — 1,030 MW solar + 402 MW wind + 200 MW storage, 10 assets, 4 power marketsProject & Portfolio M&ASolar + Storage$800M1,632 MW
Sep 26CounselTotalEnergies North America solar portfolio — 1.3 GW utility-scale + 140 MW distributed generation across USProject & Portfolio M&ASolar$1.25B1,400 MW
Aug 5CounselDuke Energy Florida — regulated utility serving 2.1M customers (~12.5 GW); 19.7% non-controlling equity interestCorporate M&ASolar + Storage$6.00B12,500 MW
Jul 17CounselMoxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Station (1,875 MW CCGT, OH) — combined-cycle gas plants in PJMCorporate M&ANatural Gas$3.50B2,980 MW
Jun 9CounselSunnova residential solar platform — 500K+ customers, residential solar generation/storage portfolio + ServiceCo O&M platform + New Home solar businessCorporate M&ASolar$10.67B
May 18CounselTXNM Energy — regulated utility serving 800,000+ customers in Texas and New Mexico (PNM and TNMP subsidiaries)Corporate M&ASolar + Storage$11.50B3,000 MW
Apr 16CounselAltus Power — largest US owner/operator of commercial-scale solar with 1+ GW operating across 28 statesCorporate M&ASolar$2.20B1,000 MW
Mar 24Counsel~900 MW solar + co-located BESS portfolio: 3 solar projects in ERCOT and MISO + 1 standalone BESS in ERCOTProject & Portfolio M&ASolar + Storage900 MW
Mar 14CounselENGIE NA renewable expansion — additional ~1 GW solar and storage portfolio, expanding Ares-ENGIE partnership to 3.7 GWCorporate M&ASolar + Storage1,000 MW
Jan 10CounselCalpine Corporation — largest US power generator with ~26 GW of natural gas + geothermal (725 MW The Geysers, CA) capacity across 80 facilitiesCorporate M&ANuclear$26.60B26,000 MW
Dec 4Counsel50% stake in 2 GW Texas solar and BESS portfolio — Danish Fields (720 MWp solar + 225 MWh BESS), Cottonwood (455 MWp solar + 225 MWh BESS), Hill Solar I (solar). Total: 1.7 GW solar + 300 MW BESS.Project & Portfolio M&ASolar + Storage$800M2,000 MW
Sep 12CounselENGIE NA renewable portfolio — 2.7 GW operating portfolio of 15 projects (53% solar, 25% wind, 22% BESS)Corporate M&ASolar + Storage2,700 MW
Aug 5CounselSunPower assets (Chapter 11 stalking horse bid) — residential solar businessCorporate M&ASolar$50M
May 1CounselTexas natural gas portfolio — 1,710 MW: Barney Davis (897 MW), Nueces Bay (635 MW), Laredo (178 MW)Project & Portfolio M&ANatural Gas$785M1,710 MW
Apr 1CounselPlatform investment supporting development and financing of 3 GW of clean energy infrastructureProject FinanceSolar$650M3,000 MW
Jan 12CounselGlobal Infrastructure Partners (GIP) — world's largest independent infrastructure fund with 19+ GW operational renewables, 173 GW in construction/developmentCorporate M&ASolar + Storage$12.50B19,000 MW
Nov 8CounselSTRATOS DAC plant — 500,000 tons/year CO2 capture, Ector County, Texas (~$1.3B total project)Strategic & Growth CapitalCarbon Capture & DAC$550M
Oct 25CounselVineyard Wind 1 — 800 MW offshore wind, ~15 miles off Martha's Vineyard, MassachusettsTax Equity & Tax CreditsOffshore Wind$1.20B800 MW
Oct 4CounselDuke Commercial Distributed Generation — REC Solar operating assets + development pipeline + O&M portfolio + Bloom Energy fuel cell projectsCorporate M&ASolar$364M
Apr 26CounselOhmium PEM electrolyzer manufacturing — green hydrogen production technologyStrategic & Growth CapitalHydrogen & Fuel Cells$250M
Feb 28CounselCatalyze — 600 MW C&I distributed solar + battery storage pipeline across 30 US statesStrategic & Growth CapitalSolar + Storage$300M600 MW
Dec 28CounselArchaea Energy — leading US RNG (renewable natural gas) developer/operator, 50+ landfill gas + biogas projectsCorporate M&AOther$4.10B
Dec 6CounselX-Energy Xe-100 SMR + TRISO fuel technologyCorporate M&ANuclear$2.00B
Nov 18Counsel~2 GW gross / 1,080 MW net renewables — Appaloosa Run Wind, Eight Point Wind, Yellow Pine Solar + 10 others (4 newly built + 9 operating wind/solar/storage)Project & Portfolio M&ASolar + Storage$805M1,080 MW
Jul 21CounselesVolta — utility-scale BESS developer (>900 MWh operational/contracted across TX, AZ, MT, CA, VA, CO, WA, NM)Corporate M&ABESS
Jun 28CounselIntersect Power — 8.5+ GW pipeline (utility solar + storage + green hydrogen)Strategic & Growth CapitalSolar + Storage$750M8,500 MW
May 6CounselCypress Creek Renewables $125M revolving LC + working capital facilityCorporate Debt & Capital MarketsSolar + Storage$125M
May 2CounselNuScale Power — only viable near-term US light-water SMR (NuScale Power Module / VOYGR)Corporate M&ANuclear$1.90B
Mar 7CounselSB Energy — SoftBank Group US renewables platform (10 GW operating/UC target by 2025)Strategic & Growth CapitalSolar + Storage$600M10,000 MW
Jan 7CounselInvenergy — largest privately-held US developer; 175+ projects, ~25 GW operating + pipelineStrategic & Growth CapitalSolar + Storage$3.00B25,000 MW
Nov 30Counsel8 transactions covering 2.2 GWdc late-stage solar + 1.4 GWh co-located storage portfolio (CA + TX projects in operation by 2023)Project FinanceSolar$2.60B2,200 MW
Nov 22CounselBroad Reach Power — 21 GW utility-scale solar + storage portfolio across MT, CA, WY, TX (350 MW BESS operating; 880 MW under construction; 1.7 GW pipeline)Minority StakeBESS21,000 MW
Jul 27LenderTPG Rise Climate Fund first close — climate impact private equity fund (target $7B hard cap)Fund CloseMixed$5.40B
Jul 3CounselCypress Creek Renewables — integrated US solar IPP/developer (~12 GW pipeline)Platform AcquisitionSolar1,500 MW
Jun 14CounselProterra — EV transit/school buses + commercial battery systemsCorporate M&ABESS$1.60B
Apr 28CounselStem — AI-driven smart energy storage software + integrated servicesCorporate M&ABESS$1.35B
Mar 16CounselTerraForm Power — 4 GW wind/solar/distributed solar IPP across NA + EuropeCorporate M&ASolar + Storage$1.58B4,000 MW
Mar 4CounselNRStor C&I (now Aypa Power) — 200+ MWh BESS operational/contractedCorporate M&ABESS
Aug 21CounselOncor Electric Delivery — largest TX electric T&D utility (~134K miles of lines, ~3.5M advanced meters, 11M Texans served)Corporate M&AOther$9.45B
Jul 7CounselEnergy Future Holdings (80% Oncor) — Berkshire bid (later beaten by Sempra)Corporate M&AOther$9.00B
Jan 25CounselWGL Holdings — Washington Gas Light + non-regulated power/marketing/midstreamCorporate M&ANatural Gas$8.40B
Key People
Change of Control
5 departed
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