ISO / RTO
Clean Energy Deals in CAISO
California grid — RPS-driven offtake demand, a mature solar+storage hybrid market, and a heavy IPP M&A cadence on operating renewables.
33
Tracked Deals
39.8 GW
Total Capacity
$46.30B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Dec 17, 2024 | Project Polaris — conditional commitment for hydropower, … PG&E → DOE Loan Programs Office | — | $15B |
| Mar 10, 2026 | Intersect Power platform — digital power / data center + … Greenbelt Capital Partners; TPG Rise Climate; Climate Adaptive Infrastructure (CAI) → Alphabet (Google) | 10.8 GW | $12B enterprise value ($4.75B cash + assumed debt) |
| Dec 22, 2025 | Intersect Power platform — solar, storage, data center in… TPG Rise Climate (majority stake) → Alphabet (Google) | 10.8 GW | $4.75B (cash + assumed debt) |
| Mar 18, 2025 | Middle River Power — 11 gas plants in California (9 peake… Avenue Capital Group → Partners Group | 1.9 GW | $2.2B |
| Oct 1, 2025 | Natural gas portfolio — 2.6 GW across 7 gas plants in PJM… Lotus Infrastructure Partners → Vistra Corp | 2.6 GW | $1.9B |
| Sep 12, 2024 | Clean Energy Project Revenue Bond — $1.524B green bond pr… Clean Power Alliance → Goldman Sachs (underwriter) | 855 MW | $1.524B |
| Feb 1, 2024 | Harquahala Generating Station (1,092 MW, AZ) + La Paloma … Capital Power | 2.2 GW | $1.1B |
| Aug 24, 2023 | Broad Reach Power — 350 MW operating BESS + 880 MW under … EnCap Energy Transition + Apollo Funds (+ Yorktown, Mercuria) → ENGIE | 2.9 GW | $1B+ equity ($1.6B total impact to ENGIE net debt) |
| Mar 4, 2026 | Clean Power Alliance 6th energy prepayment bond — $963M g… Clean Power Alliance | — | $963M |
| Mar 11, 2026 | Nighthawk Energy Storage — 300 MW / 1,200 MWh BESS in Pow… Arevon Energy → CIBC, ING, NORD/LB, Santander, Zions Bancorporation, Goldman Sachs Alternatives | 300 MW | $920M |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Amazon | 2 | — |
| 2 | Alphabet (Google) | 2 | $16.75B |
| 3 | California Community Power (CC Power) | 2 | — |
| 4 | Stanford University | 1 | — |
| 5 | US Department of Energy | 1 | $73M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Arevon Energy | 4 | $2.46B |
| 2 | Intersect Power | 3 | $17.55B |
| 3 | Clean Power Alliance | 2 | $2.49B |
| 4 | Iberdrola / Avangrid | 1 | — |
| 5 | Recurrent Energy (Canadian Solar) | 1 | — |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | DOE LPO (EIR Program) | 1 | $15.00B |
| 2 | BNP Paribas, Crédit Agricole, Natixis, Nord/LB | 1 | $773M |
| 3 | KfW IPEX-Bank | 1 | — |
| 4 | Morgan Stanley | 1 | $963M |
| 5 | CIBC | 1 | $920M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Orrick | 2 |
| 2 | Cleary Gottlieb | 2 |
| 3 | Wilson Sonsini | 1 |
| 4 | Norton Rose Fulbright; Allen Matkins | 1 |
| 5 | Latham & Watkins, Cleary Gottlieb Steen & Hamilton | 1 |
Technology Mix
Deal Type Mix
- Project Finance11
- Corporate M&A6
- Power Purchase & Offtake5
- Project & Portfolio M&A4
- Corporate Debt & Capital Markets2
Activity by Year
Recent Deals
Latest 10- Atlas North portfolio — four late-stage projects totaling ~1,000 MW solar + 4…Apr 21, 2026
Project & Portfolio M&A · CA · 1,450 MW
- Tandem PV Fremont Factory — 65,000 sq ft commercial demonstration facility pr…Apr 20, 2026
Strategic & Growth Capital · CA · 40 MW
- Apr 16, 2026
- XGS Energy 115 MW next-generation geothermal — GEODE (Geothermal Exploration,…Apr 13, 2026
Power Purchase & Offtake · CA · 115 MW
- Zanskar / CC Power GEODE Agreement — California geothermal prospecting and of…Apr 13, 2026
Power Purchase & Offtake · CA
- Chalan Solar + Storage — 65 MWac solar + 25 MW / 100 MWh BESS, Kern County, C…Apr 8, 2026
Tax Equity & Tax Credits · CA · $118M · 90 MW
- Cormorant Energy Storage Project — 250 MW / 1,000 MWh LFP battery storage, Da…Mar 24, 2026
Project Finance · CA · $600M · 250 MW
- Nighthawk Energy Storage — 300 MW / 1,200 MWh BESS in Poway, CaliforniaMar 11, 2026
Project Finance · CA · $920M · 300 MW
- Intersect Power platform — digital power / data center + clean energy infrast…Mar 10, 2026
Corporate M&A · Multi-state · $12B enterprise value ($4.75B cash + assumed debt) · 10,800 MW
- Clean Power Alliance 6th energy prepayment bond — $963M green bond, ~543,000 …Mar 4, 2026
Corporate Debt & Capital Markets · CA · $963M
Recent Moves at Active Firms
All moves →Kevin Smith joined as Chief Executive Officer at Cypress Creek RenewablesMar 5, 2026
Justin Johnson named interim Interim Chief Executive Officer at Arevon EnergyFeb 20, 2026
Kevin Smith departed Arevon EnergyFeb 20, 2026
Seth Richardson promoted to Partner, Project Development & Finance at Latham & WatkinsFeb 20, 2026
Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
Related
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