ISO / RTO
Clean Energy Deals in SPP
Southwest Power Pool — wind-heavy footprint with growing solar and BESS deal activity, mostly in Kansas, Oklahoma, and the Plains.
27
Tracked Deals
34.1 GW
Total Capacity
$13.64B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| 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 |
| 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 16, 2025 | Transmission upgrades — ~5,000 miles of transmission line… AEP Transmission → DOE Loan Programs Office | — | $1.6B |
| Mar 15, 2024 | Invenergy four-project portfolio — Diversion wind (TX, 20… Invenergy → Natixis CIB | 677 MW | $1.27B |
| Feb 27, 2024 | Portfolio of 6 recently commissioned renewable projects —… ENGIE North America → J.P. Morgan, Goldman Sachs, BNP Paribas | 1.3 GW | $1B+ |
| Feb 12, 2026 | Philip Wind Project — 333 MW, up to 87 turbines, Haakon C… Invenergy (Philip Wind Partners) | 333 MW | ~$750M (est. project cost) |
| Feb 17, 2026 | Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Ye… Lydian Energy → CIBC, MUFG | 395 MW | $689M |
| Jan 8, 2024 | Triple Oak Power — 8 GW onshore wind development platform… EnCap Investments → Energy Capital Partners | 8.0 GW | $500M-$750M |
| Mar 14, 2024 | Ørsted US onshore wind portfolio — Ford Ridge (IL), Helen… Ørsted → Stonepeak | 957 MW | $300M |
| Feb 18, 2026 | Northern Divide Energy Storage — 100 MW / 400 MWh BESS, B… NextEra Energy Resources → Basin Electric Power Cooperative | 100 MW | $128,600,000 |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Meta | 4 | — |
| 2 | 2 | $2.40B | |
| 3 | Energy Capital Partners | 1 | $500M |
| 4 | J.P. Morgan, Goldman Sachs, BNP Paribas | 1 | $1.00B |
| 5 | Stonepeak | 1 | $300M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Invenergy | 4 | $1.27B |
| 2 | NextEra Energy Resources | 4 | $129M |
| 3 | ENGIE North America | 2 | $1.00B |
| 4 | Ørsted | 2 | $300M |
| 5 | EnCap Investments | 1 | $500M |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Natixis CIB | 1 | $1.27B |
| 2 | DOE LPO (EIR Program) | 1 | $1.60B |
| 3 | CIBC, MUFG | 1 | $689M |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Latham & Watkins | 1 |
| 2 | Sidley Austin | 1 |
| 3 | Vinson & Elkins | 1 |
| 4 | Kirkland & Ellis | 1 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake11
- Project Finance5
- Project & Portfolio M&A4
- Corporate M&A2
- Tax Equity & Tax Credits2
Activity by Year
Recent Deals
Latest 10- Apr 14, 2026
- Colorado Near Term Procurement (NTP) — 10 projects: ~3,200-4,100 MW solar, wi…Feb 18, 2026
Regulatory & Permits · CO · Multi-billion (est.) · 3,196 MW
- Northern Divide Energy Storage — 100 MW / 400 MWh BESS, Burke County ND — Bas…Feb 18, 2026
Power Purchase & Offtake · ND · $128,600,000 · 100 MW
- Three-project portfolio: AC Ranch 1 (75 MW solar, NM), Yellow Viking (170 MW …Feb 17, 2026
Project Finance · NM, TX, UT · $689M · 395 MW
- Philip Wind Project — 333 MW, up to 87 turbines, Haakon County, South DakotaFeb 12, 2026
Regulatory & Permits · SD · ~$750M (est. project cost) · 333 MW
- Portfolio of 3 projects totaling 1.17 GW across Missouri (Swan Solar, solar),…Dec 15, 2025
Power Purchase & Offtake · Multi-state · $2.4B total investment · 1,170 MW
- Lambs Draw Solar — 270 MWac utility-scale solar, Decatur County, Kansas (SPP)Dec 15, 2025
Power Purchase & Offtake · KS · 270 MW
- ~2.5 GW clean energy — 11 solar PPAs + 2 energy storage agreements across ERC…Dec 8, 2025
Power Purchase & Offtake · NM, TX · 2,500 MW
- Two solar projects totaling 650 MW — 400 MW in Texas and 250 MW in Kansas, fe…May 21, 2025
Power Purchase & Offtake · KS, TX · 650 MW
- Pierce County Energy Center — 420 MW solar + 170 MW / 680 MWh BESS, Pierce Co…Feb 1, 2025
Power Purchase & Offtake · NE · 420 MW
Recent Moves at Active Firms
All moves →Terrell Kirk Crews II departed NextEra EnergyMar 5, 2026
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
Related
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