ISO / RTO
Clean Energy Deals in ERCOT
Texas grid — the most active US ISO for new clean energy capacity. Energy-only market with no capacity construct, fast interconnection, and the deepest standalone-storage pipeline in the country.
99
Tracked Deals
136.4 GW
Total Capacity
$77.16B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| 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) |
| May 18, 2025 | TXNM Energy — regulated utility serving 800,000+ customer… Blackstone Infrastructure | 3.0 GW | $11.5B |
| Sep 23, 2025 | Sempra Infrastructure Partners — 45% stake in North Ameri… Sempra → KKR, CPP Investments | 1.6 GW | $10B |
| 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) |
| Jan 5, 2026 | Cogentrix Energy — 10 natural gas generation facilities, … Quantum Capital Group (Cogentrix) → Vistra Corp | 5.5 GW | $4B ($2.3B cash + $0.9B stock + $1.5B debt - $0.7B tax benefits) |
| Aug 5, 2024 | Cogentrix Energy — 5,300 MW (11 natural gas plants) acros… Carlyle Group → Quantum Capital Group | 5.3 GW | $3B |
| Jan 12, 2026 | Three projects totaling ~670 MW: Emerson Creek Wind (269 … Apex Clean Energy → Multiple (see notes) | 670 MW | $2.79B |
| Jan 1, 2024 | Orion Solar Belt — 1.3 GW portfolio of 4 utility-scale so… SB Energy Global (SoftBank / Ares Management) → J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank, MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Société Générale | 1.3 GW | $2.4B+ |
| Dec 15, 2025 | Portfolio of 3 projects totaling 1.17 GW across Missouri … Clearway Energy Group → Google | 1.2 GW | $2.4B total investment |
| Jan 5, 2024 | STX Midstream — South Texas natural gas pipeline assets (… NextEra Energy Partners → Kinder Morgan | — | $1.815B |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Meta Platforms | 9 | $600M |
| 2 | Meta | 6 | $1.80B |
| 3 | Microsoft | 6 | $1.18B |
| 4 | 5 | $4.80B | |
| 5 | Alphabet (Google) | 2 | $16.75B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | ENGIE North America | 7 | $1.90B |
| 2 | Ørsted | 4 | $300M |
| 3 | Invenergy | 4 | $1.27B |
| 4 | Intersect Power | 4 | $18.39B |
| 5 | 1PointFive (Occidental subsidiary) | 3 | $550M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | MUFG | 3 | $1.75B |
| 2 | Natixis CIB | 1 | $1.27B |
| 3 | KeyBanc Capital Markets | 1 | $155M |
| 4 | Nord/LB | 1 | $183M |
| 5 | CIBC, MUFG | 1 | $689M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Kirkland & Ellis | 3 |
| 2 | Latham & Watkins LLP | 2 |
| 3 | Vinson & Elkins | 2 |
| 4 | Orrick | 2 |
| 5 | Cleary Gottlieb | 2 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake34
- Project Finance27
- Project & Portfolio M&A18
- Corporate M&A12
- Tax Equity & Tax Credits5
Activity by Year
Recent Deals
Latest 10- Blevins Solar & Storage Project — ~272 MW solar + battery storage, Falls Coun…Apr 21, 2026
Power Purchase & Offtake · TX · 270 MW
- Stillhouse Solar PV — 281 MWdc / 210 MWac utility-scale solar, Bell County Te…Apr 16, 2026
Tax Equity & Tax Credits · TX · >$380,000,000 · 210 MW
- GridStor Hidden Lakes Reliability Project — 220 MW / 440 MWh BESS, Galveston …Apr 8, 2026
Power Purchase & Offtake · TX · 220 MW
- Conduit Power ERCOT Distributed Generation Portfolio — $200M equipment financ…Apr 7, 2026
Project Finance · TX · $200,000,000 · 200 MW
- Briscoe Wind Farm — 150 MW operating wind, West TexasApr 2, 2026
Project & Portfolio M&A · TX · $53M · 150 MW
- Boxcar Battery Energy Storage System — 300 MWh / 150 MW BESS, Wylie, Texas (E…Mar 26, 2026
Project Finance · TX · $140M · 150 MW
- Echols Grove Solar (253 MWdc, Lamar County TX) + Cedar Range Solar (188 MWdc,…Mar 25, 2026
Project Finance · TX · $600M · 441 MW
- Cold Creek Solar + Storage — 430 MWac solar + 340 MWh battery storage, Schlei…Mar 24, 2026
Project Finance · TX · ~$900M · 430 MW
- Lupinus + Lupinus 2 Solar — ~400 MWac combined (520 MWdc), Franklin County, T…Mar 24, 2026
Power Purchase & Offtake · TX · Undisclosed (long-term) · 400 MW
- McMurtre Battery Energy Storage System — 175 MW / 350 MWh BESS, ERCOT North (…Mar 24, 2026
Project & Portfolio M&A · TX · 175 MW
Recent Moves at Active Firms
All moves →Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
David Carroll appointed Board Chair at American Clean Power AssociationFeb 23, 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
Melissa Raciti-Knapp joined as Partner, Finance at Vinson & ElkinsFeb 13, 2026
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