ISO / RTO
Clean Energy Deals in PJM
Mid-Atlantic and Midwest grid — capacity market dynamics drive the timing of clean energy and storage deals; load growth from data centers is reshaping the queue.
73
Tracked Deals
128.7 GW
Total Capacity
$121.14B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Mar 20, 2026 | PORTS Technology Campus — 10 GW AI data center + up to 10… SoftBank Group; SB Energy; AEP Ohio | 10.0 GW | ~$33B (Phase 1; $500B+ over 50 years) |
| Jun 11, 2025 | Susquehanna Nuclear PPA — 1,920 MW carbon-free electricit… Talen Energy → Amazon (AWS) | 1.9 GW | $18B |
| Mar 1, 2024 | Energy Harbor — ~4,000 MW nuclear fleet + retail electric… Energy Harbor → Vistra Corp | 4.0 GW | $6.8B |
| Mar 7, 2024 | East Ohio Gas (rebranded Enbridge Gas Ohio) — natural gas… Dominion Energy → Enbridge Inc. | — | ~$6.6B (East Ohio + Questar tranche; total Dominion utility program $14B) |
| Mar 18, 2026 | Constellation PJM natural gas generation portfolio — 4.4 … Constellation Energy → LS Power | 4.4 GW | $5B |
| Oct 18, 2024 | Grain Belt Express — 2,500 MW HVDC transmission line conn… Grain Belt Express → US Department of Energy | 2.5 GW | $4.9B |
| 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) |
| Oct 31, 2023 | Ocean Wind 1 (1,100 MW) + Ocean Wind 2 (1,148 MW) offshor… Ørsted → New Jersey ratepayers (NJ BPU OREC) | 2.2 GW | $4B impairment (Ocean Wind 1 alone $2.8B) |
| Jul 17, 2025 | Moxie Freedom (1,105 MW CCGT, PA) + Guernsey Power Statio… Caithness Energy, BlackRock/GIP → Talen Energy | 3.0 GW | $3.5B (net; $3.8B gross) |
| Aug 5, 2024 | Cogentrix Energy — 5,300 MW (11 natural gas plants) acros… Carlyle Group → Quantum Capital Group | 5.3 GW | $3B |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Microsoft | 6 | $2.60B |
| 2 | Meta | 5 | $321M |
| 3 | DOE Loan Programs Office | 4 | $3.62B |
| 4 | Vistra Corp | 3 | $12.70B |
| 5 | New Jersey ratepayers (NJ BPU OREC) | 3 | $4.00B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Invenergy | 6 | $1.10B |
| 2 | Constellation Energy | 4 | $7.60B |
| 3 | Apex Clean Energy | 4 | $4.12B |
| 4 | Summit Ridge Energy | 3 | $654M |
| 5 | Dominion Energy | 3 | $10.70B |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | DOE LPO (EIR Program) | 2 | $2.32B |
| 2 | DOE LPO (Title 17) | 1 | $304M |
| 3 | MUFG | 1 | $321M |
| 4 | Bank of America | 1 | $305M |
| 5 | DOE LPO (Energy Dominance Financing) | 1 | $1.00B |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Kirkland & Ellis | 2 |
| 2 | Orrick | 1 |
| 3 | White & Case | 1 |
| 4 | Holland & Knight | 1 |
| 5 | Wilson Sonsini | 1 |
Technology Mix
Deal Type Mix
- Project Finance22
- Project & Portfolio M&A20
- Power Purchase & Offtake19
- Corporate M&A5
- Tax Equity & Tax Credits4
Activity by Year
Recent Deals
Latest 10- Nottingham Solar — 120 MW utility-scale solar PV on a reclaimed coal strip mi…Apr 22, 2026
Project & Portfolio M&A · OH · 120 MW
- Elevate Renewables $50M Rabobank Energy Transition Supplier Finance Facility …Apr 13, 2026
Project Finance · VA · $50,000,000 · 150 MW
- Emerald AI $25M Strategic Expansion Round — AI-powered grid flexibility platf…Mar 31, 2026
Strategic & Growth Capital · DC · $25M
- Dimension Energy 25-project community solar portfolio — 132 MW across Illinoi…Mar 31, 2026
Project Finance · Multi-state · $650M · 132 MW
- Pleasantville Solar — 150 MW solar, Fulton County, IllinoisMar 24, 2026
Power Purchase & Offtake · IL · Undisclosed (long-term PPA) · 150 MW
- Coastal Virginia Offshore Wind (CVOW) — First Commercial Power — 2,600 MW pro…Mar 24, 2026
Project & Portfolio M&A · VA · 1.5B · 2,600 MW
- Harvey Solar — 350 MW utility-scale solar PV, Licking County, OhioMar 24, 2026
Project & Portfolio M&A · OH · 350 MW
- Attentive Energy (NY Bight, OCS-A 0538) + Carolina Long Bay (OCS-A 0545) — 2 …Mar 23, 2026
Regulatory & Permits · NC, NY · $928M reimbursement to TotalEnergies · 4,000 MW
- PORTS Technology Campus — 10 GW AI data center + up to 10 GW power generation…Mar 20, 2026
Project Finance · OH · ~$33B (Phase 1; $500B+ over 50 years) · 10,000 MW
- Great Bend Solar — utility-scale solar (~48 MWac), Meigs County, OhioMar 19, 2026
Project Finance · OH · $103M · 48 MW
Recent Moves at Active Firms
All moves →Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
Ken Young appointed Board Chair-Elect at American Clean Power AssociationFeb 23, 2026
Neal Kemkar joined as Chief Network Officer at CeresFeb 9, 2026
Sean Wheeler joined as Partner, Co-Chair Global M&A; Head of Houston Office at Paul WeissFeb 3, 2026
Debbie Yee joined as Partner, Energy M&A at Paul WeissFeb 3, 2026
Related
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